Home » today » News » The rules for buying dollars in Ukraine have changed: what have been introduced

The rules for buying dollars in Ukraine have changed: what have been introduced

In Ukraine, the rules for buying dollars are gradually changing. For several years, they were allowed to buy currency online, increased limits, and allowed foreigners to pay in foreign currency.

This is stated in OBOZREVATEL material… The course towards liberalization of the foreign exchange market was actively launched back in 2019, with the adoption of the law “On foreign exchange and foreign exchange transactions.” Later it was backed up by a number of NBU decrees. The consequences of the slackening in work with currency affected both businesses and individuals.

For example, now you can pay with currency for large purchases abroad (up to UAH 150 thousand); pay wages to foreigners in the official missions of various states; calculate daily allowance for business trips abroad. In addition, post offices, credit unions and pawnshops were allowed to trade currencies.

On January 17, 2021, the NBU canceled a number of other restrictions:

  • Banks and financial institutions were allowed to buy currency from the population in self-service terminals.

  • You can transfer currency abroad and receive it using digital passports in the Diya mobile application.

  • Clients, legal entities and individuals, were allowed to conduct transactions for the sale of foreign currency on a “forward” basis (a contract for the sale in the future).

“Forward is a classic instrument for hedging currency risk or for making money on fluctuations in currency rates,” says the executive director of the Independent Association of Banks of Ukraine Elena Korobkova… – For example, for a company that purchases raw materials abroad, a foreign exchange forward allows you to determine the exchange rate in advance and eliminate the risk of unexpected losses due to market fluctuations on the day of future purchase. Individuals rarely need such hedging (for example, to pay for education or medical treatment abroad), but can use forwards to earn money. However, exchange rate fluctuations can lead to losses. “

As reported OBOZREVATEL, in Ukraine in 2021 will change the rules for buying dollars, limits on currency transactions can be removed. According to experts, this is one of the final stages of liberalization of the foreign exchange market, which, as it seems at first glance, is only needed by businesses to work with other countries. But in fact, this will affect every Ukrainian.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.