'Old' loan payoffs, dividend payments at $6 mln per day as part of forex liberalization - NBU

MOSCOW. June 26 (Interfax) - The average amount of forex transfers to service long-running external debts and to repatriate "new" dividends stood at $6 million per day since the start of the current forex liberalization process on May 3 and until June 20, Ukrainian media cited National Bank of Ukraine (NBU) Governor Andrei Pyshny as saying on the sidelines of a banking forum organized by the Ekonomichna Pravda newspaper on Tuesday.

"The average daily amount of forex transfers to pay interest on old external loans stood at $2 million between May 4 and June 20. The average amount of dividend repatriations within the set limits was $4 million per day over this period," Pyshny said.

Since the largest package of measures easing foreign currency restrictions was introduced, 162 companies have taken advantage of the opportunity to pay interest on long-running external loans and 118 companies have repatriated "new" dividends, he said.

As reported, the NBU on May 3 announced the largest package of measures since the start of the crisis to ease forex restrictions for companies. The move abolishes all forex restrictions on the import of works and services, allows businesses to repatriate "new" dividends and permits transfers of funds abroad under leasing/rental agreements.

In addition, the new forex liberalization steps include relaxing restrictions on the repayment of new external loans are being relaxed and on repaying interest on "old" external loans, as well as easing restrictions on forex transfers from representative offices in favor of their parent companies are being relaxed.

The NBU estimated the cost of the forex liberalization package at up to $5.5 billion in 2024.