The National Bank of Ukraine proposes to set at UAH 50,000 the upper limit on settlements in cash made  within one business day between individuals and  enterprises (entrepreneurs) for goods and services  under purchase and sales agreements subject to notarization  and initiates a public consultation on a draft resolution of the NBU Board On Amendments to NBU Board Resolution No.210 of 6 June 2013  (hereinafter – draft resolution). 

At the same time, no restrictions will apply to cashless settlements and banks are obliged to ensure the execution of cashless payments in full upon the request of clients.

The Draft resolution has been posted on the NBU’s  official website for public consultation as in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation in order to  receive   comments and proposals from legal entities, individuals and  their associations.

The NBU’s strategic objective is to increase cashless payments and reduce  cash payments. This move will enable the NBU to ensure regular cash supplies to the banking system and accelerate its circulation.

The Comprehensive Program of Ukrainian Financial Sector Development Until 2020 has set the target level for  the   M0-to-GDP ratio (the level of cash in the economy) of not more than 12% by 2020. (in 2014, the M0-to-GDP ratio stood at 18.1%, having decreased to 14.6% in 2015).

The growth of cashless payments will contribute to the increase in financial resources available  to economic agents and  boost banks’ liquidity.  The reduction of cash payments will contribute to the de-shadowing of the country's economy and higher revenues to the State Budget of Ukraine.

With the aim of promoting cash payments and  meeting the requirements of part three of Article 1087 of the Civil Code of Ukraine, in 2013, the NBU passed  Resolution No. 210, dated 6 June 2013 On Setting an Upper Limit on Settlements in Cash, whereby the upper limits on cash payments were set as follows:

UAH 10, 000  – on cash payments made between enterprises (sole proprietors)  within one day;

UAH 150, 000  – on settlements made between natural persons  and enterprises (sole proprietors) to pay for goods (works, services) within one day;

UAH 150, 000 – on cash payments made between natural persons under purchase-sale  agreements that are subject to  notarisation.

Proposals and comments regarding NBU Board Draft Resolution On Amendments to NBU Board Resolution No.210 of 6 June 2013  will be accepted by 5 September 2016.

Postal address: 2b, Kontraktova sq., Kyiv, 04070,  Cash Circulation Department of the National Bank of Ukraine

E-Mail:   11EMIS@U0H0.