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NBU Suggests Government Let Nonbank Financial Institutions Provide Services during Quarantine

NBU Suggests Government Let Nonbank Financial Institutions Provide Services during Quarantine

The National Bank of Ukraine (the NBU) addressed the Cabinet of Ministers of Ukraine with a proposal to allow all nonbank financial institutions to provide their services during the period of restrictive measures.

On 17 March 2020, the Cabinet of Ministers suspended the work of all companies that are open for visitors.   Such restrictions are not applicable to banks and insurance companies, however, they are applicable to nonbank financial institutions (exchange offices, financial institutions, credit unions, pawnshops, etc.). 

Today, services of currency exchange, money transfer, nonbank lending, and other services of nonbank financial institutions are in high consumer demand.  Therefore, the NBU suggests that government amend Resolution No. 211, dated 11 March 2020, to allow all financial institutions to provide services during the period of restrictive measures. This will ensure the continuous provision of financial services to all citizens.

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