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Businesses have named urgent needs for the easing of foreign exchange restrictions

About two-thirds of the companies surveyed cited the most urgent need to pay dividends to non-residents.

The most pressing needs for business in the context of a potential easing of restrictions on the part of the government and the National Bank are the payment of dividends to non-residents and an increase in limits on transactions using the hryvnia corporate payment card outside of Ukraine. This was announced yesterday by the European Business Association (EBA) based on the results of a survey of business representatives.

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“71% of the surveyed companies of the association mention the urgent need to pay dividends to non-residents. In particular, for 43% this point is very important. At the same time, 47% of those companies where this issue is related note that their need to pay dividends can be “satisfied if a quarterly limit on such operations is established at 500 thousand euros,” the statement said.

Also, for half of the companies that took part in the survey, the issue of debt repayment is relevant. Of these, 26% estimate this need at more than 2 million euros per quarter. The same number of companies estimated the need to pay loans to non-residents in the amount of less than 100 thousand euros, and 24% – in the amount of 100-500 thousand euros per quarter.

At the same time, they noted the need to provide an opportunity to pay interest on loans from non-residents received before February 24, 2022. We are talking about current interest and interest accumulated over two years.

At the same time, EBA Deputy Director Svetlana Mikhailovskaya said that the relaxations adopted in 2022-2023 are a positive step for future investments in Ukraine, which the state is actively trying to attract in order to restore the country.

“However, it is very important for the real business sector to also meet their current obligations to non-residents on loans received before the introduction of martial law caused by a mass invasion,” he said.

According to Mikhailovskaya, this factor definitely affects the stability and operational activities of companies during martial law, as well as their international credit rating. In addition, it will have a cumulative effect on the cost of capital when attracting new investment to start the recovery of Ukraine’s economy.

“The introduction of the easing of currency restrictions actually stimulates the increase in the flow of new credit funds in Ukraine. After all, the fulfillment of the loan obligations of resident borrowers to foreign investors helps to improve investment attractiveness of Ukraine and makes it possible to attract more funds for the implementation of reconstruction projects,” said Mikhailovskaya.

It was previously known that three stages of monetary liberalization will be introduced in Ukraine. Systemic prerequisites have been created for this, said the head of the National Bank, Andrei Pyshny.

Let’s recall that in November 2023 it became known that the NBU was moving to a policy of easing monetary restrictions. Correspondent.net discussed in detail what positive changes the new course of the regulator will bring to the economy and population.

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Source: korrespondent

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