“Liberalization of currency restrictions will allow exporters to attract trade finance and implement investment projects,” Oleksandr Matyushenko

The National Bank of Ukraine has eased currency restrictions, but they still hinder the activities of Ukrainian exporters. This was stated by Oleksandr Matyushenko, Director of Corporate Business, Member of the Management Board of Pivdenny Bank, at a panel discussion at the largest IT law conference in Ukraine – IT Ukraine Legal Conference 2023.

“We see that the NBU is moving towards liberalization. On June 15, at the Monetary Committee, the NBU adopted another package of easing measures, allowing certain categories of external loans and credits to be serviced. This can already be considered a proposal for shaping the investment climate, including for exporters. However, the key demand of business today is the ability to pay dividends abroad, pay royalties more easily, and attract and service loans in the form of financing from commercial foreign banks,” Oleksandr Matyushenko shared his opinion.

Before the war, the export-import balance was about UAH 7 billion per month. Since the beginning of the war, there has been a drop in exports and imports. Thus, in 2022, exports decreased by about 40% and imports by 45%. Currently, the export component amounts to UAH 4 billion per month, while the import component is UAH 7.4 billion due to imports of fuel and related products.

“Today, exporters are waiting for the opportunity to receive additional financing from foreign banks, not only state-owned ones, for trade financing, for financing investment projects. If this becomes the NBU’s next step in easing, it will accelerate the inflow of investments into the country and enable our exporters to implement investment projects of the key component – grain, granaries, financing at terminals for the accumulation and further export of goods. This is the request I hear from our clients,” said Oleksandr Matyushenko.