NBU issues 23 personal currency licenses to individuals in one month, transactions total $437,000

The National Bank of Ukraine (NBU) from July 3 through August 3, 2017 issued 23 electronic personal currency licenses to individuals for investing up to $50,000 abroad, the press service of the central bank has told Interfax-Ukraine.

Over a half of the licenses were issued for foreign investment, and the rest of the licenses – for placing funds on own accounts outside Ukraine. The real transactions were conducted with 16 licenses. Their total volume reached $437,000.

The NBU said that eight authorized banks used the new license issue system.

As reported, from July 3, 2017 the NBU started issuing electronic personal currency licenses to individuals, other than entrepreneurs, to transfer foreign currency abroad for the implementation of certain foreign exchange transactions.

An individual is able to transfer foreign currency abroad up to the equivalent of $50,000 per one calendar year on the basis of an e-license.

E-licenses allow individuals to transfer foreign currency abroad within the set limits to perform three types of foreign exchange transactions: investments abroad, depositing funds in their own accounts abroad, and transactions at the fulfillment of obligations to non-residents arising from life insurance contracts.

To obtain an e-license, an individual has to apply for a license to any authorized bank where he holds an account and submit, either on paper or electronically, the following documents: an application form for an e-license to be submitted to the NBU, documents proving that an individual's income is sufficient to make foreign currency transfers on the basis of an e-license, originals or copies of documents the purpose of foreign exchange transfers abroad, except for cases when foreign currency is transferred to the individual's own accounts.