June 10, 2009

National Bank of Ukraine settles procedure for payments in hryvnias between Ukraine, Belarus residents under export-import agreements

7 May, 13:55 | Interfax-Ukraine

The National Bank of Ukraine (NBU) has settled the procedure for making payments in hryvnias between residents of Ukraine and Belarus under export-import agreements, which are to go through correspondent accounts of Belarusian banks opened in Ukrainian credit and financial institutions, according to an NBU letter to banks.

According to the letter, the procedure is stipulated in NBU resolution of April 30 No. 266, which came into effect from the moment of its signing.

"Banks transfer funds from one correspondent account of Belarusian banks in hryvnias to another correspondent account of Belarusian banks under the instruction of Belarusian banks only to fulfill commitments of Belarusian residents to Ukrainian residents under [trade] in hryvnias," reads the letter.

According to the letter, the decision was made in line with a memorandum signed on January 20, 2009 between the Ukrainian cabinet, the NBU, the Belarusian government and the National Bank of Belarus on the elaboration of a set of measures to boost bilateral trade and economic cooperation in conditions of the global financial and economic crisis.

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