NBU Allows Banks To Sell Cash Foreign Currency To Population

Since April 14, the National Bank of Ukraine (NBU) has allowed banks to sell cash foreign currency to the population.

The NBU has said this in a statement, Ukrainian News Agency reports.

It is expected that the resumption of the sale of cash by banks will help reduce the opportunities for the functioning of the market for illegal foreign exchange operations and reduce risks for citizens.

At the same time, in order to prevent pressure on the foreign exchange market, the NBU provided that an authorized institution may sell cash to customers within the difference between the total volumes of foreign currency purchased and sold by it.

This difference will be calculated starting April 13, 2022.

Additionally, the National Bank determined the specifics of establishing cash exchange rates for operations of authorized institutions with clients, in particular:

- the rate of sale of cash currency by authorized institutions may deviate by no more than 10% of the official rate of the NBU on the day of the transaction;

- the rate of purchase of cash currency by authorized institutions should not be lower than the official rate of the NBU on the day of the transaction.

The sale of non-cash currency by banks to individual customers is prohibited, except for the exceptions specified by resolution No. 18 of February 24, 2022 (with amendments).

Besides, in order to prevent uncontrolled withdrawal of capital abroad, the National Bank prohibited banks from repaying loans ahead of schedule received from non-residents.

As Ukrainian News Agency reported, since the beginning of the war, the NBU has fixed the hryvnia exchange rate and banned the sale of currency to individuals.

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