The first stage of currency liberalization will cost $5.5 billion

The National Bank of Ukraine announced its intention to complete the first stage of currency liberalization, which may require about $5.5 billion from foreign exchange reserves. This was reported in the press service of the regulator.

According to NBU forecasts, the implementation of currency liberalization will significantly expand business opportunities and contribute to the attraction of investments and private capital. This has a positive effect on the economic dynamics of the country.

"Currency liberalization will cost $5.5 billion. This is necessary to support business and the economy," the press service noted. Such steps have already been taken into account in the updated forecast, which foresees maintaining international reserves at the level of $43-44 billion.

The NBU clarified that the plans for the first stage of liberalization include the possibility of partial payment of new dividends, removal of restrictions on the import of services, payment of leasing and rent, as well as payments on old loans.

However, some of the proposals under discussion, such as the extension of the period for the return of foreign exchange earnings from the export of basic agricultural products, may complicate the implementation of liberalization.

It should be noted that the delay in the return of foreign exchange earnings reached $4.5 billion by the fall of last year. The decision adopted in November to shorten the period of return of proceeds from agricultural exports contributed to a positive impact on the foreign exchange market.

The head of the NBU, Andriy Pishnyi, emphasized that the regulator is preparing to complete the first stage of currency liberalization and is discussing possible easing of restrictions. A decision on this is planned to be announced in the near future.