Ukrainians Will Be Able to Exchange Currency at Post Offices

The law will go into effect on Feb. 7


Photo from Ukrinform

From Feb. 7, 2019, Ukrainians will be able to buy and sell foreign currency in post offices in addition to banks and exchange offices, the National Bank of Ukraine (NBU) reported.

Non-banking financial institutions and national post offices will be allowed to adjust their operating procedures in accordance with the new requirements over a six-month transition period, until Aug. 7, 2019.

Postal operators will be able to obtain from the NBU a license for carrying out foreign exchange transactions if they have at least 50 branches located on the territory of at least 50 percent of Ukraine’s regions, if they receive at least 50 percent of revenues from activities in the field of postal services, and if they comply with the requirements for financial standing, ownership structure, business reputation and professional suitability of managers.

This expansion in currency exchange is part of a new system of currency regulation and currency liberalization.

“The ultimate goal of the National Bank is to remove all existing restrictions and move to the free movement of capital, which will be the basis for easing business and the investment climate in Ukraine, inflow of foreign capital, sustainable economic growth,” the NBU said.

Source UATV
date 08.01.2019
categories Economics
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