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NBU has permitted to purchase foreign currency for payments under the suretyships covering the obligations of the local debtors

By Resolution No. 65, dated 18 July 2017, the Management Board of the National Bank of Ukraine has amended its Resolution No. 281 "On the Regulation of the Procedure and Conditions of Trade of Foreign Currency", dated 10 August 2005, cancelling the prohibition to purchase foreign currency for payments under the suretyships covering the obligations of the local debtors towards the local banks and foreign creditors. The sureties are now allowed to purchase foreign currency for making payments under the local debtors' obligations provided that the purchase of foreign currency is permitted under the relevant debtors' own operations.   

Previously, a resident acting as a surety was not allowed to purchase foreign currency in order to pay for the obligations of the local debtor. The sureties could only fulfill their obligations using their own foreign currency funds.

For further information please contact Asters' partner Iryna Pokanay and counsel Gabriel Aslanian.