The magnetoimpedance (MI) effect in magnetically soft Fe89.8Ni1.5Si5.2B3C0.5 metallic glass ribbons is studied in this paper. As soft magnetic properties were determined by field induced anisotropy (and therefore by magnetic domain structure), ribbon samples were annealed under tensile stress in order to enhance induction of transverse anisotropy and to improve magnetoimpedance effect. Stress-annealing (SA) technique up to 420 0C/475 MPa/30 min. was used for tailoring electrical resistivity (ρ) and magnetic permeability (μ), i.e. two material properties that in classical skin effect determine the penetration depth δm and therefore have influence on MIeffect. The critical frequency of about 600 kHz was observed as the point with the initial increase of MI. Significant improvement of MI-response reaching the value Z/Z ≈ 25 %, after annealing at 420 0C, was recorded at driving frequency 4 MHz. The highest MI-element sensitivity was found for low magnetic field intensity where values of about 12 % / kA/m were attained.