NBU permits forward forex operations in Ukraine, repaying foreign debt via forex contributions to charter capital
MOSCOW. May 12 (Interfax) - The National Bank of Ukraine (NBU) has permitted operations on forward terms to buy or sell foreign currency for hryvni, including forex delivery or without it, between banks, as well as operations by banks' clients to sell foreign currency for hryvni accompanied by forex delivery, Ukrainian media said, citing a statement on the NBU website.
"Operations between banks on forward terms are not expected to significantly impact the general state of the forex market, while clients' operations to sell foreign currency on forward terms will only help advance forex supply on the market," the NBU said.
Thus, the bank started to implement measures as part of the Concept Note to determine approaches, conditions and timeframes for restoring the operations of the foreign exchange derivatives market to meet obligations under the program with the International Monetary Fund, it said.
Additionally, the NBU allowed Ukrainian enterprises to conduct certain forex operations in excess of the set limitations within the investment limit for an amount received by these enterprises' charter capital from foreign investors from abroad in foreign currency starting May 12, 2025, the NBU said, describing this step as "stimulating forex liberalization."
According to the NBU, such transactions include settlements for imports of goods delivered before February 23, 2021, refunding a nonresident buyer's advance payment for goods if this payment was made before February 23, 2022, fulfilling debt obligations on "old" foreign loans received before June 20, 2023, and financing own standalone foreign divisions (in excess of the individual limit set for such entities' financing).
Such operations have to be carried out through one bank chosen by the enterprise, which also has an opportunity to change its servicing bank.
As of April 1, 2025, Ukrainian businesses' debt on the principal of unsecured foreign loans stood at nearly $14 billion, and debt on loan interest at over $7 billion, going up by approximately $2 billion each since the start of the crisis, the NBU said.
Today's forex regulation guidelines make it possible to only partially fulfill obligations on "old" foreign loans received before June 20, 2023, permitting interest payments no earlier than the deadlines set in a loan contract, as well as on condition that there were no loan contract arrears as of February 24, 2022, it said.
The findings of a survey conducted by the NBU among servicing banks last year cited Ukrainian enterprises as saying that they needed to pay $3.2 billion for imports of goods delivered before February 23, 2021, whereas current forex regulation guidelines do not allow such operations as of yet, the NBU said.
"In today's conditions, the NBU cannot grant permission for payments under these obligations in full, as it will entail serious consequences for the stability of the forex market and international reserves. At the same time, companies will be allowed to make such payments if new foreign capital arrives in Ukraine (within the amount of the capital raised), which, consequently, will not have any negative impact on the forex market," the NBU said.
The NBU has also broadened the transfer of fees for consular services paid from accounts opened in Ukrainian banks to accounts of Ukraine's diplomatic missions and consulates abroad.