IT Ukraine met the NBU top management regarding currency procedures

Representatives of the IT business noted that without compensatory mechanisms, the decision of the National Bank in the long-term perspective may have a negative impact on IT professionals, who are the main resource for the future digital transformation of the economy.  Therefore, the issue of saving $ 800 million in the next quarter from the export of IT services, preventing the change of tax residency by relocated IT professionals and potential outflow of talents and highly qualified professionals.

We are grateful to the representatives of the IT industry for productive work in the difficult conditions of martial law. Maintaining proactivity of the IT industry is an important element of the stability of Ukraine’s economy. Our exchange rate policy will remain transparent. It consists in the fact that the scarce during the War foreign exchange resources are directed primarily to critical needs, as well as in maintaining a balance of interests for all segments of society. The National Bank is always open to communication. And today, more than ever, in order to maintain financial stability in the country, we need the understanding of the situation and support from society and business, said Deputy Governor of the National Bank of Ukraine Yuriy Heletiy.

The participants agreed on the following joint steps:

1. The Association will send additional expert proposals aimed at minimizing the consequences of the application of multiple exchange rates, which will allow saving foreign exchange earnings and taxes from the IT industry by moving to a floating exchange rate.
2. Over the next week, to work out a compromise solution together.
3. To hold a follow-up meeting to finalize the agreements.