The National Bank of Ukraine has decided to lower the ceiling amount of cash payments for citizens from UAH 150,000 to UAH 50,000 from January 4, 2017. The press service of the National Bank of Ukraine announced this in a statement, Ukrainian News Agency reports. The Board of the National Bank adopted resolution No.407 of 25 November 2016 to introduce amendments to its resolution No.210 of 6 June 2013. The resolution of 25 November 2016 envisages the ceiling sum of UAH 50,000 for cash payments between a citizen and a legal entity and between citizens during one day on purchase-sale agreements that are liable to notarial certification. Cashless settlements are not limited and banks are obliged to provide cashless transactions on demand from clients in full. The bodies of the State Fiscal Service will check observation of the order of cash payments for commodities and services in line with the Tax Code of Ukraine. As Ukrainian News Agency earlier reported, a program of development of the financial sector of Ukraine until 2020 envisages gradual reduction of the level of cash in the economy to 12% in 2020 (it was 18.1% in 2014 and 14.6% in 2015).