The National Bank of Ukraine is actively working on the problem of exporters who have not returned to the country a significant amount of foreign exchange earnings, amounting to about $8 billion. In light of this, the NBU is preparing and will take adequate measures to ensure the return of these funds and protect the economic interests of Ukraine.
Exporting companies have not returned approximately $8 billion in foreign currency earnings back to Ukraine, and the National Bank promises to take “adequate measures.” This was stated by the head of the NBU Andrey Pyshny in an interview with Forbes .
According to Ukrainian law, exporters must return foreign currency earnings within 180 days, and if this deadline is violated, they will have to pay a fine. However, there are schemes to evade this duty, in particular through fictitious registration of companies.
In the spring, parliament passed a law easing the situation with the return of foreign currency earnings through a guarantee system. However, for its implementation it is necessary to adopt some by-laws, noted the head of the National Bank Kirill Pyshny. He expresses hope that this will happen in the near future.
The problem of non-return of $8 billion in export proceeds has a significant impact on the economy, notes Pyshny, and the National Bank is in dialogue with the government and parliament to take adequate measures.
There are exporters trying to stretch out the return period for foreign exchange earnings as much as possible, but this year the situation is less acute compared to last year. However, there are companies that avoid returning revenue altogether. Pyshny considers this issue to be of national importance, especially in times of war.
The National Bank plans to cooperate with customs and tax authorities to minimize such practices of Ukrainian businesses.
Let us remind you that Andrei Pyshny denied rumors about his resignation.
