Ukraine central bank keeps 50% of currency receipts sale requirement

The National Bank of Ukraine (NBU) decided on June 13
to keep unchanged its regulation on the compulsory sale of 50% of foreign currency
receipts of exporters on the ForEx, it announced on its website the same day.

The requirement on compulsory foreign currency sale is
reviewed every six months. The amount has stayed unchanged since April 2017,
when it was lowered to 50% from 65%.

In the NBU’s opinion, keeping the requirement at the
current level is appropriate for ensuring a smooth foreign currency inflow to
the ForEx.

Evgeniya Akhtyrko: This NBU’s
decision was quite predictable given the unstable situation with the country’s gross international reserves
and still unclear prospects on obtaining financial support from the IMF and
other IFIs in 2018.

Since the beginning of 2018, the NBU has made
several decisions regarding ForEx market liberalization that had no adverse effect on the national
currency exchange rate but gave good signals to market players. The average
daily currency sale on Ukraine’s interbank market increased 43% yoy in 5M18.