Key changes for legal entities and individuals in the Law of Ukraine "On Currency and Currency Transactions"

08.02.2019

Pivdenny Bank actively develops its cooperation with entities with foreign economic activity. Such companies typically look for a financial partner and adviser in their bank. Therefore, Pivdenny Bank continuously develops relevant products and services for companies with such foreign economic activity, increasing expertise in this area and sharing information with clients regarding recent changes in the regulatory and macroeconomic environment.

On February 7, 2019, the Law of Ukraine “On Currency and Currency Transactions” entered into force. The law determines the legal currency transaction framework, currency regulation and currency supervision, the rights and obligations of currency transactions subjects and authorized institutions, and establishes liability for violations of the currency legislation. This law replaced the earlier Decree of the Cabinet of Ministers “On the system of currency regulation and currency control”. The purpose of this law is to ensure a unified state policy in the field of foreign exchange operations and the free conduct of foreign exchange operations in Ukraine.