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NBU Lifts Some Bans on FX Transactions

NBU Lifts Some Bans on FX Transactions

The National Bank of Ukraine has eased a number of bans on FX transactions. 

Instead of fully prohibiting the issuing of cash from FX accounts of customers, the NBU has capped withdrawals from such accounts at UAH 30,000 per day, effective 1 March 2022. In addition, the NBU has determined as follows: 

  • As before, businesses and entities implementing government mobilization plans (objectives), as well as entities acting with the NBU’s special permission, can withdraw FX cash from their accounts without restrictions.
  • Withdrawals of cash at bank branches and offices in areas Russia is threatening to occupy will be limited to the available balance.     Decisions to disburse funds will be made by heads of bank branches and offices. 

In addition, the NBU has ensured that payment cards can be used abroad for making payments and cash withdrawals. The central bank did this by adding payment cards to the list of exceptions to the ban on cross-border transfers of currency valuables from Ukraine on behalf of customers. At the same time, we emphasize that the NBU has not placed any restrictions on cashless payments, including abroad, since the authorities imposed martial law.

The NBU has also banned the crediting of funds to the accounts of individuals when processing remittances initiated through electronic means of payment issued by members of international payment systems operating in the Russian Federation and the Republic of Belarus. In addition, the regulator has forbidden Ukrainian banks to accept electronic means of payment (including transfers, settlements, and cash withdrawals) issued by members of said international payment systems.

The NBU has also:

  • established cash collection guidelines. In particular, the central bank recommends that cash should first be collected from retailers, provided that they accept payment cards at all of their outlets.
  • expanded the list of exceptions to the ban on the sale of currency valuables by authorized institutions on behalf of clients.
  • identified a method for calculating the exchange rate at which authorized institutions will make (permitted) transactions to purchase and sell cashless foreign currency on behalf of customers, as well as transactions to purchase foreign currency cash from customers.
  • clarified the procedure for conducting currency supervision.
  • identified the specifics of transactions with banks to purchase and sell U.S. dollars and euros that are carried out by the NBU, and determined the exchange rate for such transactions. 

These changes were made by NBU Board Resolution No. 30, dated 1 March 2021, On Amendments to NBU Board Resolution No. 18, dated 24 February 2022, which took effect on 1 March 2022.

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