On 19 April 2009, new restrictions were introduced for certain types of operations on the Ukrainian foreign exchange market.
Ukrainian banks may not:
- buy foreign currency before their liabilities mature
- when repaying loans (excluding interest and commission), buy more foreign currency than the amount they originally converted into Hryvnias on the Ukrainian inter-bank exchange market
- buy or exchange foreign currency to create foreign currency debt reserves for the reimbursement of potential losses on credit operations
- provide foreign currency loans to non-residents, apart from banks
- (until 1 January 2010) enter into spot foreign exchange transactions (ie agree to buy or sell a certain amount of foreign currency in exchange for Hryvnias, for settlement in two business days' time)
Ukrainian residents (including banks) may not:
- (until 1 January 2010) enter into forward foreign exchange transactions (ie agree to buy or sell a certain amount of foreign currency in exchange for Hryvnias, for settlement in three or more business days’ time)
- buy foreign currency for cross-border payments under an individual licence issued by the National Bank of Ukraine. Residents may only use their own funds, not foreign currency which has been purchased or borrowed
Law: The Resolution of the Board of the National Bank of Ukraine "On Amendments to Certain Statutory Acts of the National Bank of Ukraine" dated 28 February 2009, No. 108.
