The National Bank has changed the regulations for the purchase of foreign currency and precious metals. The changes also affected investments in foreign stocks.
This is stated in the NBU Decree No. 62 of June 29, 2021.
The National Bank permitted:
- buy foreign currency in cash by bank transfer;
- invest in foreign stocks via a Ukrainian broker, however, the limit on transactions is 200,000 euros per year;
- sell cashless currency with the subsequent transfer of funds in hryvnia to the card.
This liberalization will also allow buying precious metals like gold, silver, and platinum.
"This decision will somewhat facilitate the process of buying bank metals for those who want to do it using non-cash money. Including, for example, in an online store, on a bank website or in a mobile application," Alexey Karchazhkin, Head of Retail at Unex Bank, said in a commentary to Focus.
Customers also do not have to provide documents on the cash origin when purchasing precious metals because this information will be identified by the bank during a non-cash transaction.
In addition, Ukrainians will be able to transfer their bank funds to a broker's account in order to invest in foreign stocks. However, a broker must have an account with the same bank in order to transfer money abroad or to non-resident accounts that are open in Ukraine.