Ms. Natalia Syniavska, Director of the NBU General Department of Information Technologies and Payment Systems, reassures that the National Bank of Ukraine will set a ceiling on the amount of cash settlements in line with the economic situation as prescribed by the draft law “On introducing amendments to certain legislative acts of Ukraine with regard to the Operation of Payment Systems and Development of Cashless Settlements”.

“The draft law contains a provision intended to entrust the task of setting a ceiling on the amount of cash settlements to the National Bank. In order to avoid creating tension in the country, the National Bank will set this amount after carrying out an in-depth analysis of the economic situation,” said the NBU representative.

The NBU expert clarifies that the current legislation does not impose any restrictions on the amount of cash settlements.

“There are no restrictions on this amount under the current law and the draft law does not impose any restrictions. It only says that it can be done,” says Ms. Natalia Syniavska.

The draft law gives a top priority to customer convenience.

“The international experience indicates that a high level of cash settlements is required to prevent the average citizens from suffering any inconvenience when making purchases in the shopping centers. The restrictions will apply to large value purchases,” says Ms. Natalia Syniavska.

Ms. Natalia Syniavska points out that that the draft law “On introducing amendments to certain legislative acts of Ukraine with regard to the Operation of Payment Systems and Development of Cashless Settlements” takes into account the international standards.

“When elaborating the draft law, we used the world leaders’ experience. We conducted consultations with the Bank for International Settlements and the European Central Bank. A lot of mission teams from the international organizations worked in Ukraine to provide recommendations that were taken into consideration by the law makers,” says the NBU representative.