The volume of export revenue received by Ukraine for January-June 2024 exceeded the result for the same period last year by 15.9%, or $3.3 billion, while the amount of non-returned foreign exchange revenue remains at the same level of $7-8 billion, the National Bank of Ukraine (NBU) reported in response to a request from the Interfax-Ukraine agency.

"Therefore, the virtually unchanged volumes of export transactions for which the deadlines for settlements were exceeded, against the background of an increase in the volume of received export revenue from abroad, is a positive trend," the regulator noted.

The National Bank indicated that an increase in the volume of unreturned export revenue would have a negative impact on the balance of payments and the level of international reserves, which are an important buffer for the country's macro-financial stability.

It is indicated that, taking this into account, the NBU systematically counteracts unproductive capital outflows and takes measures to ensure the timely return of export revenues.

In particular, the central bank mentioned the currency restrictions introduced at the beginning of the Russian full-scale invasion, which it softens only in the presence of stable prerequisites, measures to strengthen currency supervision, as well as maintaining shortened deadlines for settlements for the export of certain agricultural products.

"The National Bank expects the Cabinet of Ministers of Ukraine to introduce an export security regime for transactions on the export of certain agricultural products, which was developed with the participation of the Ministry of Agrarian Policy and Food, the NBU, the State Tax Service of Ukraine, the State Customs Service of Ukraine and other government agencies, and approved this year by the Verkhovna Rada with the corresponding amendments to the laws," the regulator says.

"We believe that this measure should help improve the situation with the return of foreign exchange earnings in the agricultural sector. Currently, government agencies are completing the preparation of the by-laws and technical framework for the implementation of this mechanism," the National Bank added.

The regulator intends to continue to cooperate with government agencies to ensure a comprehensive approach to resolving the issue of the timely return of export earnings to Ukraine.

As reported, in early November 2023, the NBU, in response to a request from the Interfax-Ukraine agency, informed that the volume of unreturned foreign exchange earnings since the beginning of the full-scale invasion is about $8 billion, which, according to the regulator, "has a tangible impact on the balance of payments." The central bank noted that this concerns not only revenue from grain exports, but also unreturned foreign exchange earnings in general.