The National Bank of Ukraine has published an interim assessment of its gradual easing of foreign exchange restrictions, reporting that most first stage measures are complete, substantial progress has been made on the second stage and selected third stage measures have begun. Since the active phase started in May 2024, the NBU has implemented 144 easing measures and 10 measures intended to prevent circumvention, building on recent expansions of permitted transactions for households, businesses and financial institutions. The longer-term objective remains a return to the foreign exchange regulatory framework that applied before the full-scale war. Current transactions have largely been liberalized for legal entities, while foreign investors can invest in Ukrainian companies, provide loans, repatriate profits and receive principal and interest payments. Transactions under the stimulating liberalization framework have reached USD 1.504 billion, with another USD 875 million available under existing limits. The assessment found that liberalization-related activity accounted for about 4% of foreign exchange purchases and 6% of cross-border transfers, while companies used their own foreign currency for about 30% of transfers by volume. Further easing will remain gradual and conditional on inflation, international reserves, foreign exchange market conditions, the attractiveness of hryvnia instruments and financial stability. Measures will continue to prioritize investment inflows and include controls against circumvention. The analysis, based on data available through Aug. 15, 2026, fulfilled a commitment under Ukraine’s economic and financial policy memorandum with the International Monetary Fund.

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