On 17 October 2016, the NBU Board approved Resolution No. 393 On Amending the Instruction on the Cash Operations of Banks in Ukraine (hereinafter - Resolution No.393).

Approval of Resolution No.393 was driven by the need to adopt regulations regarding issues related to introduction of the Policy on Cash Circulation in Ukraine (the NBU Board Resolution No. 207-рш On Approval of the Policy on Cash Circulation in Ukraine of 11 August 2016).

In particular, Resolution No. 393:

• sets out that carrying out cash servicing of banks (branches and offices) shall be performed independently from location on grounds of agreements on cash servicing;
• amends the order of providing information regarding transactions involving the transfer of national currency between banks;
• imposes requirements regarding bank’s (branch’s, office’s) obligation to transfer only those banknotes for recycling to their branches, offices or other banks (branches, offices), which were processed by using the automated banknote processing systems;
• changes the timeframe for examination of doubtful banknotes in national and foreign currency.

Resolution No. 393 comes into force on 1 January 2017.