Ukraine’s central bank has taken a step towards loosening wartime currency controls by allowing foreign members of supervisory boards at state-owned enterprises to transfer their earnings abroad, the bank said in  a press release, a move that has drawn criticism over the perceived uneven application of foreign exchange rules.

The National Bank of Ukraine said the change, effective from May 1, would permit eligible foreign professionals to repatriate income earned in Ukraine, marking a limited easing of restrictions first introduced in 2022 to stabilise the financial system following the start of the war.

Those controls were designed to prevent capital flight, protect foreign exchange reserves and maintain macroeconomic stability during a period of acute uncertainty.

However, the decision has prompted questions from former central bank governor Kyrylo Shevchenko, who argued that any liberalisation of currency rules should be applied consistently rather than through targeted exemptions.

“FX liberalisation must be systemic, not selective,” Shevchenko said in a post on X, adding that the issue was not the remuneration of foreign experts, whose role in corporate governance he acknowledged as potentially valuable.

Instead, he questioned why a “privileged channel” was being created for a specific category of income recipients while broader restrictions remain in place for Ukrainian citizens and businesses.

In wartime, such controls can be justified by the need to safeguard financial stability and the balance of payments, Shevchenko said, but stressed that any exceptions should be clearly explained, including their expected scale and impact on the currency market.

He also called for transparency over why similar mechanisms are not available to Ukrainians earning income domestically.

The central bank has not publicly detailed the anticipated volume of transactions under the new rule. Analysts say the move may be aimed at attracting and retaining foreign expertise in managing state-owned enterprises, but warn that perceived inequities in policy could undermine public confidence if not clearly communicated.