Ukraine extends terms for return of foreign currency earnings for agricultural exporters

The NBU has extended the timeframe for returning foreign currency earnings for agricultural products to 120 days. Previously, this period was 90 days. This was announced by Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, on Telegram.

“This long-overdue decision will greatly support our exporters who are reorienting to the Asian and African markets,” he said.

At the same time, the regulator itself has not yet announced such a decision. Earlier, it emphasized that the National Bank was studying the government’s request.

Following the introduction of a large currency liberalization package, National Bank Governor Andriy Pyshnyi promised to tighten control over exporters’ return of foreign currency earnings to Ukraine.

As a reminder, starting from November 11, 2023, the National Bank, upon the proposal of the Cabinet of Ministers, reduced the deadlines for settlements for agricultural exports from 180 to 90 calendar days.

This applies to goods classified by codes according to UKTZED: 1001 (wheat), 1002 (rye), 1003 (barley), 1004 (oats), 1005 (corn), 1201 (soybean), 1205 (rapeseed), 1206 00 (sunflower seeds), 1507 (soybean oil), 1512 (sunflower oil), 1514 (rapeseed oil), 2306 (oilcake), carried out from November 11, 2023.

At the same time, in March, NBU Deputy Governor Yuriy Heletiy announced his intention to extend the rule on reduced terms for the return of foreign exchange earnings, which currently applies to agricultural products, to other types of export goods.

Tags: export, soybean, wheat, rapeseed, oats, sunseed, rye, Ukraine, sunflower oil, corn