RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of August 20, 2014 No. 515

About settlement of situation in the foreign exchange market of Ukraine

Considering the public political tension, uncertainty concerning further developments, and also in view of the economic problems connected with conducting anti-terrorist operation in the territory of Ukraine for the purpose of non-admission of use of financial system of Ukraine for money laundering and financing of terrorism and settlement of situation in the foreign exchange market of Ukraine, being guided by article 387 of the Economic code of Ukraine, Articles 7, of 25, of 44, of 45, 56 Laws of Ukraine "About the National Bank of Ukraine", articles 1 and 2 of the Law of Ukraine "About procedure of payments in foreign currency", Sections II and III of the Decree of the Cabinet of Ministers Ukraine of February 19, 1993 No. 15-93 "About system of currency control and currency exchange control", decides Board of the National Bank of Ukraine:

1. Determine that the calculations for transactions for export and commodity import provided in articles 1 and 2 of the Law of Ukraine "About procedure of payments in foreign currency" are performed in time, not exceeding 90 calendar days.

2. Establish the requirement for obligatory sale in the interbank foreign exchange market of Ukraine of receipts in foreign currency from other countries for benefit of legal entities which are not authorized banks, physical persons entrepreneurs, foreign missions (except official representations), into the accounts opened in authorized banks for conducting joint activities without creation of the legal entity, and also revenues in foreign currency into the accounts of residents opened outside Ukraine based on individual licenses of the National Bank of Ukraine.

The receipts in foreign currency specified in paragraph one of this Item are subject to obligatory sale in the interbank foreign exchange market of Ukraine, including directly to the National Bank of Ukraine, in the amount of 75 percent. Other receipts in foreign currency remain at the disposal of residents and nonresidents and are used by them according to rules of currency control.

Receipts in foreign currency are not subject to obligatory sale in the interbank foreign exchange market of Ukraine:

for benefit of the state or under the state guarantees;

on the credits, loans, attracted according to international treaties of Ukraine which consent to be bound is provided by the Verkhovna Rada of Ukraine, or from international financial institutions which member is Ukraine, or from international financial institutions under contracts with which Ukraine undertook to provide the legal regime provided to other international financial institutions;

on projects (programs) of the international technical assistance, undergone state registration;

on the correspondent accounts of nonresident banks in foreign currency opened in authorized banks;

on transactions on placement of deposits by nonresident banks on accounts in authorized banks;

for benefit of intermediary residents under commission agreements, orders, consignments or according to agency agreements which are subject to further transfer to owners of means. Authorized banks which serve owners of these means perform obligatory sale of receipts in foreign currency according to requirements of this Item;

on transactions on exchange of foreign currency on the accounts of residents opened outside Ukraine based on individual licenses of the National Bank of Ukraine;

arrived as the false translation.

The requirement of rather obligatory sale extends to receipts in foreign currency of the 1st group of the Qualifier of foreign currencies and bank metals approved by the resolution of Board of the National Bank of Ukraine of February 4, 1998 No. 34 (in edition of the resolution of Board of the National Bank of Ukraine of October 2, 2002 No. 378, registered in the Ministry of Justice of Ukraine on October 24, 2002 for No. 841/7129) (with changes), and in Russian rubles.

The authorized bank shall enlist previously receipts in foreign currency to which according to paragraph one of this Item the requirement about obligatory sale extends, into the separate analytical account of the balance sheet account 2603 "Distribution Accounts of Subjects of Managing" (further - the distribution account).

The authorized bank shall perform obligatory sale of receipts in foreign currency according to requirements of this Item:

without order of the client;

only the next working day after day of transfer of such revenues to the distribution account.

3. The National Bank of Ukraine performs monitoring of work of authorized bank for the purpose of check of fair nature of payments on transactions of clients. For this purpose the National Bank of Ukraine has the right to demand from banks suspension of carrying out the transactions having the increased risk of their use in the illegal purposes and to receive the documents confirming fair nature of implementation of such transactions.

4. Due to the introduction of the requirement of rather obligatory sale in the interbank foreign exchange market of Ukraine of receipts in foreign currency from other countries authorized banks cannot remove from control export transactions of clients based on documents on discharge by offsetting of counter claims of the same kind.

Receipts in foreign currency on export transactions of clients of bank shall be sold according to the procedure determined in Item 2 of this resolution.

5. The Item is excluded

6. After the end of functioning of System of the agreement confirmation in the interbank foreign exchange market National Bank of Ukraine bank of Ukraine within the next two hours of the present day submits the developed application about the total amount of obligatory sale of foreign currency, planned for the next working day.

The developed request includes information on the total amount of receipts and total amount of obligatory sale on codes of foreign currency, information on type of receipt and expanded information for transactions which amount constitutes more than 50000 US dollars in equivalent on the official rate of hryvnia to foreign currencies established by the National Bank of Ukraine of the present working day. In expanded information the bank in separate record notes identification code of legal person / registration number of accounting card of the taxpayer or series and passport number brought in the Unified State Register of Legal Entities and physical persons entrepreneurs, the reduced name of the legal entity or surname, name and middle name of physical person entrepreneur, currency code, amount of obligatory sale.

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