As of 6 August 2022, the NBU simplified some restrictions to support volunteers and businesses.
The NBU’s priority is maintaining financial stability in Ukraine. To that end, on 21 July 2022, the NBU set a limit on hryvnia card-based payments outside of Ukraine.
At the same time, understanding the importance and effectiveness of the volunteer movement in Ukraine and its essential role in the full-scale war, the NBU has allowed banks not to apply a limit on hryvnia card-based payments by volunteers outside of Ukraine to purchase military supplies if the following requirements are met:
- transactions on the volunteer’s account are typical for this individual and the volume of transactions that had been made on their accounts exceeded the equivalent of UAH 100,000 per month before 21 July 2022
- the bank has received from the state authority or a military unit a letter of cooperation with a volunteer and the order on relevant goods if the amount of such transaction exceeds UAH 400,000 per month
- the estimated price of goods and order deadline have been provided
- the volunteer has informed the bank about the funds raised to pay for the goods.
The goods that can be purchased by volunteers include: radios, bulletproof vest, helmets, military and tactical uniform, military and tactical footwear, protective clothing, optical tracking devices, unmanned aerial vehicles, sleeping bags, pads, and military medical kits.
In order to prevent abuse of the regulator’s decision to evade current restrictions, the NBU has determined that the information from public sources on bad-faith practices of the respective individual available to the bank, can give the bank grounds for refusal to continue carrying out such transactions in the amount that exceeds the equivalent of UAH 100,000 per month.
Furthermore, the NBU has added tactical radios to the list of military supplies to be purchased by Ukrainians who can buy and transfer foreign currency abroad within a monthly limit of UAH 400,000.
In addition, taking into account the needs of businesses, the NBU has simplified FX restrictions, particularly on using the corporate payment cards.
The NBU has allowed banks to sell foreign currency to resident legal entities and sole proprietors, crediting the respective foreign currency to the customer’s current account in foreign currency for paying expenses via corporate payment cards abroad. In particular, such expenses include:
- per diem expenses on employees’ business trips abroad within a daily limit of EUR 80 per employee
- accommodation and travel expenses (with supporting documentations for estimated expenses per person).
As previously reported, foreign currency card payments can continue without restrictions.
The NBU has also determined that restrictions on settlements abroad within a monthly limit of UAH 100,000 will not apply to corporate bank customers that engage in international freight transportations based on the permits to deliver the relevant transportations.
“The NBU has always responded to constructive requests from the volunteer movements and the business community and tried, together with its stakeholders, to find the best solutions. Today’s resolution is a case in point.
The jointly developed mechanisms will allow volunteers and businesses to make the necessary payments in foreign currency without complications and with a minimum impact on the FX market. We are grateful to our partners for cooperation,” said Yuriy Heletiy, NBU Deputy Governor.
Said amendments and a range of other amendments were approved by NBU Board Resolution No. 172 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 5 August 2022, the most provisions of which were effective as of 6 August 2022.