The new procedure for taking outside Ukraine cash by nonresident individuals has been approved by Resolution of the Board of the National Bank of Ukraine No 312 of 25 July 2012 “On Amendments to the Instruction on Transfer of Cash and Bank Metals across the Customs Border of Ukraine”, which shall come into effect on 31 August 2012.

A statement to this effect was made by Ms. Lyudmyla Chepinoga, Deputy Director of the NBU Department of Monetary Policy Methodology, and Head of the Office for Methodology of Foreign Exchange Regulation.

“Given the global trend towards the rapid growth of cashless payments that reflects the level of development of market relations, the National Bank of Ukraine is currently taking measures to promote the use of cashless payments in Ukraine. The new procedure for taking outside Ukraine cash by nonresident individuals has been established by the amended Instruction. In accordance with the new rules, a nonresident individual may take outside Ukraine cash in the amount exceeding the equivalent of EUR 10,000 provided that the amount of cash taken outside Ukraine by the nonresident does not exceed the amount of cash that has earlier been brought to Ukraine and declared in writing to customs authorities upon entering the country by the nonresident,” said Ms. Lyudmyla Chepinoga.

At the same time, funds transferred to Ukraine, may be transferred by a nonresident individual from Ukraine in the cashless form without any restrictions.

In addition, the amended Instruction has abolished the requirement imposed on nonresident individuals and legal entities with regard to availability of documents confirming withdrawal of cash from bank (financial institution) accounts exclusively for the amount exceeding the equivalent of EUR 10,000 when transferring cash across the customs border of Ukraine.

“Other requirements with regard to the amount of cash transferred by individuals and legal entities across the customs border of Ukraine remain unchanged,” added Ms. Lyudmyla Chepinoga.