National Bank of Ukraine implemented new foreign currency exchange rules that have entered into force. The main purpose of these changes is to make the exchange process more transparent, as well as to ensure proper control over currency circulation in the country. From now on, Ukrainians must take into account the new conditions for accepting banknotes, their condition and exchange features.
Innovations include the division of banknotes into three categories. The first category includes banknotes suitable for circulation, which are accepted without any restrictions, if there are only minor signs of wear on them. The second category includes worn or damaged banknotes, which can only be exchanged through a special collection procedure. This procedure involves sending the banknotes to foreign financial institutions for verification and processing. The third category is counterfeit banknotes that are seized by cashiers and handed over to the National Bank for examination. In case of confirmation of forgery, the materials are sent to law enforcement agencies for further investigation.
Worn banknotes that require a collection procedure include notes with signs such as tears, holes, burnt or scorched parts, lack of protective elements, heavy soiling or fading that makes it difficult to identify the denomination. In addition, banknotes that have been withdrawn from circulation by other countries can also be exchanged exclusively through collection.
The collection procedure, although it involves additional time for verification, is an important part of the new rules. At the same time, banks do not have the right to refuse to exchange banknotes by denomination or year of issue, if they are genuine. Citizens are advised to check the condition of banknotes before visiting banking institutions to avoid possible problems.
In addition to changes in currency exchange rules, the National Bank of Ukraine has relaxed some currency restrictions since November 20. In particular, restrictions on delivery times under certain import contracts have been lifted if payments are made through export credit agencies or governments of other countries. Opportunities for international technical assistance projects financed by international donors, such as the USA, the EU, the UN and other organizations, have also been expanded. These changes will facilitate more prompt settlements with suppliers and contractors, as well as strengthen donors’ trust in Ukrainian recipients.
New requirements for repatriation of dividends were also introduced. Investors must own shares in the company for at least six months, and the company itself must be in operation for at least a year. In addition, the National Bank prohibited the use of foreign currency loans for the purchase of securities denominated in foreign currency in order to avoid speculation on the foreign exchange market.
The introduced changes are designed to increase the financial stability of the country, ensure the protection of citizens’ interests and promote the development of international cooperation. Ukrainians should be attentive to the state of the currency during exchange, and businesses should take into account new opportunities for international activity.
