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EBA welcomes Ukraine's ease of currency restrictions

EBA welcomes Ukraine's ease of currency restrictions The EBA welcomes Ukraine's ease of currency restrictions (Photo: Vitalii Nosach, RBC-Ukraine)

The European Business Association (EBA) positively assesses the easing of currency restrictions by the National Bank of Ukraine (NBU) and hopes for their further removal, according to an EBA statement.

"The recent ease is a positive step towards attracting future investments in Ukraine, which the government actively seeks for the country’s recovery," the statement reads.

However, the EBA added that it is crucial for the business sector to have the opportunity to fulfill their current obligations on loans obtained prior to the imposition of martial law. This undoubtedly affects the stability and operational activities of companies during a state of war, as well as their international credit rating.

"Companies that have attracted foreign capital will continue investing in the country despite martial law, setting an example for further Ukraine’s recovery financing," emphasized the EBA.

The association emphasized that the failure to meet current debt obligations will have a negative impact on the ongoing operational activities of businesses and the pace of Ukraine's future reconstruction.

"We hope that the situation in the currency market will remain stable and allow the National Bank to continue the gradual lifting of temporary currency restrictions imposed by Resolution No. 18 of the NBU on February 24, 2022. We also hope the bank will consider all the suggestions from the business community soon," concluded the EBA.

It should be noted that the National Bank of Ukraine allowed residents to make foreign transfers for servicing and repayment of new external loans.