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NBU to Facilitate Higher Supply in FX Cash Market

NBU to Facilitate Higher Supply in FX Cash Market

As of 27 July 2022, the National Bank of Ukraine permitted banks to sell  half of noncash FX purchased from households since 13 April 2022  in the FX cash market additionally to the sale of purchased FX cash as of said date.

The respective decision will increase supply in the FX cash market and will gradually ease the depreciation pressure. At the same time, the pressure on the international reserves of the NBU caused by banks’ exercising this permit will be moderate and controlled.  

The amendments noted above, as well as a number of other clarifying amendments, were approved by NBU Board Resolution No. 159 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 26 July 2022. Resolution No. 71 is effective 27 July.

For reference

On 14 April 2022, the NBU allowed banks to sell cash foreign currency to the public.

At the same time, banks can sell to customers no more FX cash than the difference between the total amount of FX cash purchased and the total amount sold. This was necessary to alleviate additional pressure on foreign currency reserves, with demand greatly exceeding supply in the FX noncash market and households’  deferred demand needing to be met.


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