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NBU eases some "military" currency restrictions

Author
Valery Moiseev

The National Bank increased the limit on cash withdrawals from foreign currency (FX) accounts and eased a number of restrictions on cross-border transactions.

What has changed in terms of cash withdrawals

The daily limit for cash withdrawals from FX accounts in Ukraine was increased from the equivalent of 30,000 UAH to that of 100,000 UAH. This limit also applies to the withdrawal of foreign currency abroad from accounts opened with Ukrainian banks.

The daily limit of 100,000 UAH for withdrawals in Ukraine from hryvnia accounts remains in effect. Abroad, FX withdrawals from hryvnia accounts are limited to 100,000 UAH per month.

Paying tuition abroad

The National Bank made it possible to transfer tuition fees to the accounts of educational institutions abroad without restrictions. 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

Limited by a total cap of 100,000 UAH (equivalent) per month:

  • 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.

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In addition, the National Bank:

  • 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.

The official hryvnia to dollar exchange rate has been fixed at the level of 24 February 2022 — UAH 29.25.

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Tags
The hryvnia to the dollar Hryvnia exchange rate NBU Currency regulation