The National Bank has reduced the monthly limit for transfers of citizens abroad from hryvnia payment cards of Ukrainian banks from UAH 100,000 To UAH 30,000.
This is stated in the NBU message, Ukrainian News Agency reports.
The National Bank takes separate measures to minimize the expenditure of international reserves on non-priority areas in wartime.
Thus, from July 21:
- citizens, as before, will be able to withdraw from hryvnia payment cards abroad UAH 50,000 (equivalent) per month. At the same time, the limit for withdrawing cash currency from hryvnia payment cards abroad was changed from monthly to weekly: UAH 12,500 (equivalent) per seven calendar days;
- the monthly limit for P2P-transfers of citizens abroad from hryvnia payment cards of Ukrainian banks reduced from UAH 100,000 (equivalent) to UAH 30,000 (equivalent);
- a monthly limit for payments abroad using hryvnia payment cards is established in the amount of UAH 100,000 (equivalent) from all client's accounts in a bank opened in national currency. This restriction will not be felt by the vast majority of citizens who are abroad.
The NBU Board may introduce a separate procedure for the purchase of currency by banks for their own needs.
Also, from July 25, 2022, the permit for commercial banks to buy cash hryvnia from a foreign financial institution for cashless foreign currency was canceled.
The algorithm for calculating the limits of the open currency position by banks in terms of non-accounting of the increase in reserves for foreign exchange assets of banks has been changed.
The National Bank notes that such a step will prevent the possibility of artificial overstatement of reserves by banks for foreign currency assets to increase the volume of foreign currency acquisition.
The new norm will come into force on August 1, 2022.
The level of international reserves is sufficient to ensure exchange rate stability, taking into account the prospects for obtaining international financial assistance, the gradual establishment of export logistics and sales growth by exporters, as well as the expected decrease in demand for currency after the exchange rate correction.
It is reported that ensuring exchange rate and macro-financial stability in the long term will depend on the economic policy of the country as a whole.
The National Bank is in active dialogue with the government, parliament and other authorities regarding the impact of economic policy instruments on the monetary sphere.
Important steps in the direction of ensuring exchange rate and macro-financial stability are narrowing the budget deficit, replacing emission financing with market investments and reducing imports, in particular due to its additional taxation in order to increase the competitiveness of Ukrainian producers.
As Ukrainian News Agency earlier reported, from 9:00 a.m. on July 21, 2022, the National Bank of Ukraine adjusted the official rate of hryvnia to the US dollar by 25% to 36.5686 UAH/USD, taking into account the change in the fundamental characteristics of the Ukrainian economy during the war and the strengthening of the US dollar to other currencies.
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