The National Bank has lifted restrictions on setting the selling rate of cash currency
Table of contents
The National Bank of Ukraine has made a number of decisions that will change the operation of the foreign exchange market from May 21.
✅ Restrictions on the exchange rate at which authorized institutions may sell cash foreign currency to customers have been lifted
✅ Restrictions on setting the exchange rate at which banks debit hryvnia funds from customers' accounts if customers pay with hryvnia cards abroad have been lifted.
In other words, the National Bank has "released" the exchange rate, and now it will be regulated by market conditions without government intervention. Previously, the rates of the relevant transactions were not allowed to deviate from the official one by more than 10%.
In addition, the National Bank temporarily reduced the monthly limit on cash withdrawals abroad from hryvnia accounts opened with Ukrainian banks to UAH 50,000 equivalent (from UAH 100,000 as before). Restrictions do not apply to foreign currency accounts opened with Ukrainian banks: citizens can withdraw cash within the daily limit of UAH 100,000.
The changes also do not apply to the use of payment cards abroad for payments to pay for goods, works and services - most of them can continue to be carried out without restrictions. Thus, despite the reduction of the limit on cash withdrawals from hryvnia accounts abroad, citizens will continue to be able to meet all their urgent needs.
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