On 4 March 2013, Ms. Vira Rychakivska, Deputy Governor of the National Bank of Ukraine, held a briefing at the National Bank of Ukraine. During the briefing, the media representatives were informed about the launch of a public consultation on the Draft Resolution of the Board of the National Bank of Ukraine that would allow the National Bank of Ukraine to set a cap of UAH 150,000 on the amount of cash payment.

In accordance with the norms of the Law of Ukraine on Amendments to Some Legislative Acts of Ukraine (with regard to the operation of payment systems and development of cashless payments) the National Bank of Ukraine shall have the right to set a cap on the amount of cash payments.

Having reviewed the international experience, in particular, that of the USA, EU countries, CIS countries, the National Bank of Ukraine has drafted a resolution on the imposition of a cap on the amount of cash payment. By virtue of the draft document, a cap on the amount of cash payments will be set at UAH 150,000.

Ms. Vira Rychakivska, Deputy Governor of the National Bank of Ukraine, has emphasized that the main purpose of setting a cap on the amount of cash payments is to curtail the amount of cash payments, create conditions conducive to carrying out settlements and reduce the size of the shadow economy.

The Draft Resolution of the Board of the National Bank of Ukraine envisages imposing a cap of UAH 150,000 on the amount of cash payments that a natural person makes with the use of one or more payment documents within one business to purchase goods (works and services) from the enterprise (entrepreneur). Payments for goods worth more than UAH 150,000 are permitted in the cashless form by transferring funds from one current account to another current account, or by depositing the funds in a bank so that these funds will be credited to the current accounts held by enterprises (entrepreneurs). 

By virtue of the Draft Resolution, the upper limit on the amount of settlements in cash between natural persons under purchase and sales agreements subject to notarization will be set at UAH 150,000.

According to Ms. Vira Rychakivska, the imposition of a cap of UAH 150,000 will not affect the interests of the majority of the population as restrictions will apply to high-value purchases (for instance, it refers to purchasing upmarket motor vehicles, motorcycles, yachts, houses and jewelry).  

Those citizens who have failed to open bank accounts are permitted to pay in cash when purchasing goods (works, services), providing that the cash payment does not exceed UAH 150,000. The citizens who have opened bank account can make cashless payments.

Prior to making planned purchases of goods (works, services) valued in excess of UAH 150,000, citizens tend to accumulate funds on their bank accounts over a certain period of time. By doing so, they further their own economic interests while preserving the value of their savings.

International experience shows that the cap is set at a sufficiently high level so that ordinary citizens making purchases at retail stores will not experience any discomfort.