National Bank Extends 90-Days Rule Until 19 November 2013

On 6 November 2012, the Ukrainian Parliament adopted changes to the Law of Ukraine "On the Procedure of Carrying-Out Settlements in Foreign Currency", dated 23 September 2004, No. 185/94-BP, as amended, granting the National Bank of Ukraine ("NBU") the power to amend for a term of up to six months the term for crediting to the exporters' accounts of currency proceeds under export contracts. These changes to the law entered into force on 17 November 2012. In the past, the NBU passed a Resolution dated 16 November 2012, No. 475 (which entered into force on 19 November 2012) which introduced the "90-days" rule.

On 14 May 201,3 the NBU issued a Resolution "On the Change of Terms for Payment for Export and Import of Goods and Establishment of the Compulsory Sale of the Foreign Exchange Earnings" #163 and Resolution "On the Establishment of the Amount of Compulsory Sale of Foreign Exchange Earnings" #164.