The National Bank has changed the rules for the currency sale and purchase in Ukraine. As stated on the regulator's website, they came into force on January 17, 2021 and are part of the foreign exchange market liberalization in Ukraine.
New rules for selling currency in Ukraine
- Banks and financial institutions will have the right to buy currency from the population for non-cash in hryvnia using self-service terminals. After the sale, the money is credited to the individuals’ personal current accounts.
- Individuals will be able to receive or send currency from abroad using a digital passport in the application Diia. It is about information from an ID-card or biometric passport.
- The regulator also lifted the ban on individuals’ transactions for the purchase and sale of foreign currency for hryvnia on a "forward" basis, that is, a contract for the sale in the future.
- Moreover, the National Bank also allowed legal entities to carry out transactions for the foreign currency sale on a "forward" basis.
- The central bank also lifted the ban on banks' swap transactions with resident individuals, if the first part of such an operation involves the sale of foreign currency or bank metals to the client.
It is worth recalling that earlier new virtual currency cards began to operate in Ukraine, and large companies now have the opportunity to receive travel allowances in dollars and euros and make large purchases abroad (up to 150,000 UAH in equivalent). Moreover, under the new rules, post offices, credit unions and pawnshops were allowed to trade currency.
Context. At the end of 2020, the National Bank updated the Foreign Exchange Intervention Strategy in connection with the end of the previous strategy, designed for 2016-2020, and added the task of maintaining sufficient international reserves to the Strategy.