Ukrainians will be able to change currency at post offices

NBU within the framework of the transition to the new liberal foreign exchange management system will allow you to buy currency at post offices.

Українці зможуть обмінювати валюту в поштових відділеннях

The population of Ukraine 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. The opportunity of the national Bank of Ukraine provides the transition to the new liberal system of currency regulation under the Law of Ukraine “On currency and foreign exchange operations”, informs the press service of the NBU, informs Rus.Media.

The relevant amendments were approved by the NBU Board resolution dated 02 January 2019 № 9 “On approval of amendments to some legal acts of the National Bank of Ukraine” and will take effect from 7 February 2019 along with the introduction of the Law of Ukraine “On currency and currency transactions”.

According to the decree, the postal operators will be able to obtain from the National Bank license for implementation of currency operations at presence in them of at least 50 structural units, located on the territory of 50% of the regions of Ukraine; obtaining not less than 50% of their revenues from activities in the sphere of provision of postal services and compliance to the financial condition, ownership structure, business reputation (including their executives and substantial shareholders) and professional fitness leaders.

In addition, the national Bank eased the conditions for the issuance of licenses for the implementation of trade currency values in cash non-Bank financial institutions (NFU). In particular, halved the minimum size of own capital of NFU from 10 to 5 million UAH, provided that the financial institution will carry out such activities with the use of not more than 50 departments. Each subsequent increase in the number of structural units of 50 units would require an increase in the minimum own capital of UAH 5 million instead of 10 million.

The regulator also abolished the requirement in the NFU for at least five structural units, areas which meet the requirements of the National Bank, regulates foreign exchange transactions and on the organization of protection of NFU.

“Non-Bank financial institutions and the national postal operator, which already have a General license to conduct foreign exchange operations will have a six month transitional period to bring their activities in compliance with the new requirements. The countdown of the transitional period starts from the date of entry into force of the Law “On currency and currency transactions,” February 7, 2019 and will last until August 7, 2019,” said the NBU.

Non-Bank financial institutions and the national operator of postal communication having the General license for implementation of activities on the currency exchange received before the date of enactment of the Law of Ukraine “On currency and currency transactions”, can continue to carry out currency exchange operations based on these licenses.