firmenpresse print | Ukraine introduced again mandatory sale of foreign currency export revenues
24.06.2009
Ukraine introduced again mandatory sale of foreign currency export revenues
The Ukrainian Parliament introduced one more time a mandatory sale of 50 % from export revenues in foreign currency. The law makes it mandatory to sell within 5 days at least 50 % of the foreign currency revenues from export operations. The sale has to be made through empowered Ukrainian banks
The law foresees a time limitation toughening for payments making based on the export from 180 to 90 days. The draft of the law № 3585 was supported by 362 votes against 226 votes in the Parliament. The law was introduced by a parliamentarian of the Yulia Tymoshenko’s BYUT party.
Interesting to mention is, that on April 1st, 2005 the Ukrainian Government and the National Bank of Ukraine canceled the rule of mandatory currency sales regarding exports. In May 2007 the parliament eased the regulation to have the export payment settled only within 180 days instead of previously only 90 days.
Further the law concerns as well the issue of tenants which are in difficulties to repay bank credits and protects them from eviction if they live in their apartment.
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