Ukraine requires exporters to sell all proceeds in foreign currency

Ukraine requires exporters to sell all proceeds in foreign currency



21 серпня 2014 года
Конкорд Капитал

The National Bank of Ukraine (NBU) boosted to 100% from 50% the level of compulsory sale of foreign currency proceeds from export and investment activity as of today, the Interfax-Ukraine news agency reported on Aug. 20. The regulation will be valid for the next three months.



On Aug. 12, NBU Head Valeriia Gontareva did not rule out that administrative tools (including an increased level of compulsory foreign currency revenue sales) will be leveraged if market instruments do not stabilize the hryvnia.



Alexander Paraschiy: The NBU’s move suggests the ForEx situation remains tense despite its regular interventions. At this stage, it is difficult to say whether this particular measure will help to stabilize the market since some part of the ForEx tension stems from reduced export proceeds owing to economic damage from the war in the eastern regions.



This measure might work if exporters actually had preferred to abstain from selling foreign currency (in excess of the previously compulsory level of 50%) in the face of overwhelming uncertainty in the country. Therefore, the tougher regulation might have no immediate effect on the ForEx market. For example, if exporters expect the hryvnia will be weaker in the near term, they can ask their partners to delay foreign currency transfers for some period of time.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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