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National Bank of Ukraine Clarifies the Procedure for Cash Circulation and Issue and Cash Transactions in the Banking System for the Special Period

The National Bank of Ukraine has clarified the procedure for cash circulation and issue and cash transactions in the banking system for the special period. For that purpose, on 5 May 2018, the NBU Board adopted Resolution No. 51 On Approval of the Regulation on Cash Circulation and Issue and Cash Transactions in the Banking System for the Special Period.

This Resolution filled the requirement to improve the procedure for cash circulation and cash transactions in the banking system for the special period considering:

  • present social and political situation in Ukraine;
  • considerable structural shifts in the NBU;
  • adoption of a series of laws and regulations of the NBU that had to be considered in the NBU regulation.

In particular, following the centralization and shutting down of the NBU’s regional offices, Resolution No. 51 regulates activity of the regional NBU representatives during the special period, as well as the operating procedure for the said period of regional cash circulation units (offices) of the Cash Circulation Department.

Furthermore, the adopted regulatory instrument stipulates the procedure for cash transactions of authorized and engaged banks for the special period.

Resolution No. 51 was designed to replace a number of outdated regulations and renders the following instruments void:

  • NBU Board Resolution No. 46 On Approval of the Regulation on Cash Circulation and Issue and Cash Transactions in the Banking System for the Special Period dated 12 February 2004 and registered by the Ministry of Justice of Ukraine on 27 February 2004 as No. 257/8856.
  • NBU Board Resolution No. 189 On Amendments to the Regulation on Cash Circulation and Issue and Cash Transactions in the Banking System for the Special Period dated 18 May 2007 and registered by the Ministry of Justice of Ukraine on 30 May 2007 as No. 555/13822.
  • NBU Board Resolution No. 157 On Amendments to the Regulation on Cash Circulation and Issue and Cash Transactions in the Banking System for the Special Period dated 3 March 2015.

Resolution No. 51 enters into force from the day following its official publication, that is, on 11 May 2018.

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