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NBU launches e-licensing for cash wires abroad

The National Bank of Ukraine (NBU) announced on June 16 it has approved automated e-licensing for individual cash wires abroad. A person with an e-license will be allowed to wire abroad up to USD 50,000 per year. An e-license enables (a) private investments abroad, (b) depositing funds at own accounts abroad, and (c) payments on life insurance liabilities for non-residents. Upon taking effect on July 3, e-licenses will be granted automatically by the NBU as soon as a client provides its bank a simplified package of documents.

 

Recall on Feb. 23, the NBU allowed individuals to open foreign currency accounts abroad.

 

Alexander Paraschiy: These are further important steps for liberalizing foreign currency operations. Those who were committed to transferring funds from Ukraine  found ways to bypass the restrictions regardless. E-licensing does not mean that outflows of foreign cash will erupt the next day. At the same time, these measures -- coupled with permission granted in February to hold individual foreign currency accounts abroad - abolishes for average Ukrainians numerous barriers to access financial services worldwide.

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