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ARTICLE · 25 JULY 1997

The Coopers & Lybrand Times - Issue 27

Pricewaterhouse Coopers
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UkraineFinance and Banking
Registration of Foreign Loans

Effective from 23 June 1997, the licensing procedure for a Ukrainian company to obtain a loan from a foreign creditor is replaced by a registration procedure. The registration of foreign loans is carried out by regional departments of the National Bank of Ukraine after receiving an application of the prescribed format from the borrower. The statutory term for issuance of a registration certificate is 100 days. (Resolution of the NBU "On Procedures for Registration of Loans Received by Residents from Foreign Creditors" #144 of 7 June 1997)

Hard currency proceeds are not subject to mandatory conversion

The Parliament amended the foreign exchange control regulations whereby with effect from 24 June 1997 the mandatory sale of 50% proceeds in hard currency has been abolished. (Law of Ukraine "On Amending the Decrees of the Cabinet of Ministers Relating to the Currency Control Regulations" of 3 June 1997)

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