Ukrainians will be able to buy and sell currency at post offices

Украинцы смогут покупать и продавать валюту в почтовых отделениях

Ukrainians will be able to buy and sell foreign currency not only at banks and exchange bureaus non-Bank financial institutions, but also in post offices.

This rule provides for resolution No. 9 of the National Bank of Ukraine, which shall enter into force on 7 February 2019 along with the Law of Ukraine “On currency and currency transactions,” according to the website of the regulator.

It is noted that postal operators will be able to get the NBU license for currency transactions if they have at least 50 structural units on the territory of 50% of the regions of Ukraine and obtaining not less than 50% of their revenues from activities in the provision of postal services. Also requires compliance with the requirements regarding financial condition, ownership structure and business reputation.

At the same time, the national Bank eased the conditions for the issuance of licenses for the implementation of trade currency values in the form of cash for non-Bank financial institutions, and to halve the required minimum size of own capital and abolishing the requirement for at least five structural units with the compliance of the premises with the requirements of the NBU.

Non-Bank financial institutions and the national postal operator, which have foreign exchange license of the regulator, from February 7 to receive six months transitional period (until August 7 – ed.) to bring their activities into compliance with the new requirements.

Recall, June 21, 2018, the Verkhovna Rada adopted in the second reading the bill No. 8152 “About currency and foreign currency transactions.” It provides for the liberalization of the foreign exchange market and the abolition of obsolete rules of currency regulation, supervision and payments in foreign currency. July 4, President Petro Poroshenko signed the document.

In particular, the new law permits the acquisition by a population of online currency within the equivalent of 150 thousand hryvnia per day, negate the monetary oversight of operations in the amount of 150 thousand hryvnia and increases the time limit of payments on foreign contracts from 180 to 365 days.

The national Bank said that the law will allow Ukrainians to invest in securities on international markets and to place the accounts of any banks in the world, and is also called the document historic reform of currency regulation.