The National Bank of Ukraine (NBU) intends to expand the limit term for settling payments under export-import operations from 90 days to 120 days, the central bank has said in a press release.
“The NBU board believes that the current economic conditions and the balance of risks allow continuing not only to mitigate the monetary policy, but also to make next steps on the way of liberalization of the currency market. Ukrainian business was waiting for this decision. Ukrainian producers will be able to step up foreign economic activities,” the bank said.
The NBU also facilitated the conditions for settling payments under import contracts. Now the requirement to use only letters of credit applies to contracts worth over $1 million (earlier over $500,000).
