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per month per company. This currency easing will not have any adverse impact on the macroeconomic stability, the central bank believes. As reserves build and the macroeconomic situation stabilises the central bank is gradually unwinding the capital controls that were put in place to preserve the country’s hard currency reserves during the worst of the economic crisis in 2015-2016. Hard currency reserves are now over $20bn, or more than three months of future import cover, the minimum economists believe is needed to ensure the stability of the national currency, and the p ositive balance of payments is supporting the value of the hryvnia . In January-June, businesses transferred abroad dividends of $1.27bn, including purchased foreign currency in the amount $1.07bn. The value of purchased and transferred currency in 2019 is respectively by 14% and 20% lower year-on-year, and currently, account for only 4% of the total FX demand of bank Recently, the NBU cancelled the foreign currency surrender requirement and the limit on funding foreign representative offices of Ukrainian businesses. "Since the beginning of the year, the NBU has cancelled over 30 FX market restrictions. Currency liberalization will continue to respond to the positive developments of the macroeconomic situation. The ultimate goal is the free flow of capital," the statement reads.
38 UKRAINE Country Report August 2019 www.intellinews.com