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NBU Raises Limit on Cash Withdrawals from FX Accounts in Ukraine, Clarifies Some Restrictions on Cross-Border Transactions

NBU Raises Limit on Cash Withdrawals from FX Accounts in Ukraine, Clarifies Some Restrictions on Cross-Border Transactions

On 21 March 2022, the National Bank of Ukraine made a number of changes that include the following:

  • making FX cash withdrawals in Ukraine and abroad:

The daily limit for cash withdrawals from FX accounts in Ukraine was increased from the equivalent of UAH 30,000 to that of UAH 100,000. At the same time, the central bank clarified that this limit also applies to the withdrawal of foreign currency outside Ukraine from FX accounts opened with Ukrainian banks.

The daily cap of UAH 100,000 for withdrawals in Ukraine from hryvnia accounts remains in effect. Abroad, FX withdrawals from hryvnia accounts are limited to UAH 100,000 per month. These clarifications are intended to prevent significant amounts of capital from leaving Ukraine.

As previously reported, the NBU recommends using cashless payments.

Please note that these changes do not apply to the use of payment cards abroad and in Ukraine to pay for goods, works, and services. Card-based payments can continue without restrictions.

  • paying tuition abroad:

The central bank made it possible to transfer unlimited funds abroad to pay tuition bills. This was done by expanding the list of exemptions from the ban on cross-border transactions. The list also includes expenses related to deaths and medical treatment and transportation of patients.

  • restricting quasi cash transactions and P2P transfers to avoid capital outflows from Ukraine:

The NBU also put a UAH 100,000 monthly limit on:

  • remittances to accounts of individuals abroad using payment details of the payer’s and payee’s cards (P2P transfers)
  • quasi cash transactions with cards to purchase assets that are directly converted into (exchanged for) cash. Such transactions include the replenishment of e-wallets and brokerage or forex accounts, the cashing of traveler’s checks, purchases of virtual assets, and more.

We emphasize that it is possible to pay with Ukrainian bank cards for goods and services in retail networks and online without restrictions, both in Ukraine and abroad.

Apart from that, the NBU has:

  • expanded the list of exceptions to the ban on cross-border remittances by adding to the list the FX transactions by residents to meet commitments secured by a public guarantee
  • allowed buying foreign currency on a forward basis under forward contracts concluded through 23 February 2022 subject to predetermined conditions.

In addition, the central bank clarified the procedure for calculating the official exchange rate of the hryvnia against foreign currencies. Specifically, the NBU determined that the setting of hryvnia exchange rates against foreign currencies (except the U.S. dollar) and SDRs, as well as the calculation of investment metal prices, will be carried out under the pre-war procedure, in line with the Regulation On Setting the Official Hryvnia Exchange Rate for Foreign Currencies and Calculating the Reference Hryvnia Exchange Rate for the U.S. Dollar and Accounting Prices for Investment Metals, and that this will be done based on the official UAH/USD exchange rate. At the same time, the official hryvnia to dollar exchange rate has been fixed at the level of 24 February 2022.

The changes noted above were approved by NBU Board Resolution No. 58 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 21 March 2022. The document is effective 21 March.

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