THE CURRENT STATE OF LEGAL SUPPLY OF EXCHANGE OPERATIONS CONDUCTED BY SUBJECTS OF FOREIGN ECONOMIC ACTIVITY

Abstract

This article is devoted to the analysis of Ukrainian currency legislation. The main drawbacks of the todays currency regulation system are revealed. The steady tendency towards the outflow of currency values beyond Ukraine has been revealed through the non-return by their subjects of foreign economic relations in the course of export-import operations and the deterioration of the state of payments in the foreign currency in Ukraine. This is mostly due to the imperfection of the todayscurrency regulation system, which is normatively unregulated andineffective. A series of draft laws aimed to ensure the implementation of the unified state monetary policy, the free exercise of foreign exchangeoperations in the Ukrainian territory and the free movement of currency values in operations conducting between residents and nonresidentsare considered. The description of the basic legal acts, which form the basis of the new system of currency regulation is carried out. The key innovations in the field of foreign exchange relations are highlighted, namely: abolition of currency supervision for exportimport operations up to 150 thousand UAH; Individual licenses for the foreign exchange transactions were canceled; abolished sanctions in the form of foreign economic activity termination; free accounts opening of the legal entities abroad; the deadline for settlement of export-import contracts up to 365 days has been increased; the limit on transfers abroad has been increased 10 times up to 150 thousand UAH per year without the opening of an account for individuals; the account operations of the legal non-residential entities in Ukrainian banks were simplified; the obligatory declaration for all values priced starting from 10 thousand EUR was unified. The article emphasizes on the necessity of consistent currencyliberalization, since its rapid realization can lead to the macroeconomic complications.