Effective 20 August 2022, the NBU has allowed banks to sell customers investment metals, with physical delivery, at bank branches.
Banks are authorized to sell the metals available in their vaults as of 19 August 2022. The surplus of purchased investment metals with physical delivery over sold investment metals with physical delivery is included into the balance and calculated in Troy ounces for each metal separately, starting 19 August 2022 and continuing in the next business days.
In view of said restrictions, such transactions will put no pressure on Ukraine’s international reserves.
The NBU estimates that the decision will help further stabilize the situation in the cash segment of the FX market due to a partial shift in demand for foreign currency cash towards investment metals.
As reported before, banks were previously allowed to sell investment metals only in branches located in the territories under threat of occupation by the aggressor state.
In addition, to avoid any misinterpretations of provisions of the resolution, the NBU clarified that banks, when selling cashless foreign currency to individuals for the purpose of depositing it for three calendar months or more, can individually set the exchange rate for the transaction.
The relevant amendments and a number of other clarifying amendments were approved by NBU Board Resolution No. 183 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 19 July 2022, which comes into effect on 20 August 2022.
Effective 21 July 2022, the NBU allowed the banks to sell cashless currency to individuals for the purpose of depositing it for three calendar months or more, without the right for early termination, within the monthly limit of the equivalent of UAH 50,000.