NBU bans banks from closing currency accounts of clients until they fulfill liabilities under foreign economic contracts

The FINANCIAL — The National Bank of Ukraine (NBU) has banned banks from closing currency accounts of clients until they fully fulfill their liabilities, according to National bank of Ukraine.

The amendments to the rules on the procedure for opening and closure of accounts in the national and foreign currency are stipulated in NBU resolution No. 450 of July 28 posted on the central bank’s Web site.

“The bank cannot close the current account of a client if the account was used to pay under foreign economic contracts, liabilities under which are not fulfilled in full. The bank which controls the timeliness of payments for foreign economic transactions of clients closes the account only when the transactions are removed from the bank’s control,” reads the document.

The resolution took effect on July 30.