The NBU continues to implement the published Strategy for easing FX restrictions, transition to greater exchange rate flexibility and return to inflation targeting. According to the Strategy, at the first stage of easing FX restrictions, the NBU's actions will be aimed, specifically, at minimizing the multiplicity of exchange rates.
To that end, the NBU has eased FX restrictions, allowing to sell cashless foreign currency to individuals. Starting from 29 August 2023, the NBU will:
- allow banks, for the first time since the outbreak of the full-scale war, to sell cashless foreign currency to households, without asking to confirm the grounds or liabilities for conducting such a transaction. The relevant transactions will be conducted at the exchange rate established by the bank within the monthly limit of UAH 50,000 (in the equivalent) in one bank.
- increase a monthly limit from UAH 100,000 to UAH 200,000 (in the equivalent) for the purchase of cashless foreign currency by households for the purpose of depositing it for three calendar months or more.
As previously reported, the instrument is available for the public from 21 July 2022.
Said changes will allow to redirect part of the retail demand for foreign currency from cash to cashless, as the banks’ cashless FX sales are more convenient and secure. This will enable the NBU to narrow the spread between the cash and the official rates.
The NBU is ready to take additional measures to minimize the multiplicity of exchange rates, if necessary.
The amendments were approved by NBU Board Resolution No. 104 On Amendments to NBU Board Resolution No. 18 dated 24 February 2023 dated 28 August 2023, which comes into effect on 29 August 2023.