Politics 2022-07-15T08:36:07+03:00
Ukrainian news
UAH 50,000 Limit On Cash Settlements Takes Force

UAH 50,000 Limit On Cash Settlements Takes Force

UAH 50, 000, Limit, Cash Settlements, Take, Force

The upper threshold for settlement of payments in cash for individuals has been lowered from UAH 150,000 to UAH 50,000 starting January 4.

Ukrainian News Agency learned this from a statement made by the press service of the National Bank of Ukraine (NBU).

This decision is set out in the NBU Board Resolution of January 3.

The Resolution sets an upper limit for settlement of payments in cash at UAH 50,000 per one business day between individuals and enterprises (sole proprietors) and between individuals under purchase-sale agreements that are subject to notarisation.

Individuals are allowed to make cash payments exceeding UAH 50,000 by transferring funds from one current account to another one, depositing and/or transferring funds to current accounts, including notary's deposit account, or separate current account in domestic currency.

At the same time, no restrictions will apply to cashless settlements and banks are obliged to ensure the execution of cashless payments in full upon the request of clients.

Meanwhile, the upper limit on the settlement of payments in cash between enterprises (sole proprietors) remains unchanged at UAH 10,000 per day.

The NBU's decision to lower the upper threshold for settlement of payments in cash is in line with international practices followed by most European countries (France, Belgium, Portugal, Italy, Spain and Greece that have already have established caps on cash payments, while other countries plan to impose similar restrictions on cash payments.

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