NBU Allows Banks To Sell Bank Metals With Physical Delivery

From August 20, 2022, the National Bank of Ukraine granted banks the right to sell bank metals to customers with physical delivery at outlets.

This is stated in the message of the NBU, Ukrainian News Agency reports.

Banks carry out the specified sale within the balance of bank metals in the bank's cash register as of August 19, 2022.

In addition to this balance, the excess of purchases of bank metals with physical delivery over sales of all bank metals with physical delivery, calculated in troy ounces for each of the metals separately, is included, starting on August 19, 2022 and during the following trading/working days.

Given the mentioned restrictions, such operations will not put pressure on Ukraine's international reserves.

According to the National Bank's estimates, such a decision will contribute to the further stabilization of the situation in the cash segment of the foreign exchange market due to the partial reorientation of demand for cash foreign currency to bank metals.

Previously, banks were able to sell bank metals to clients only in those branches located in territories under threat of occupation by an aggressor state.

In addition, for a clear interpretation of the provisions of the resolution, the National Bank clarified that banks, when selling non-cash foreign currency to citizens with subsequent placement of it on deposit for three months or more, can independently set the exchange rate for this transaction.

Corresponding changes and a number of other clarifying changes were made by the Resolution of the Board of the National Bank of Ukraine No. 183 of August 19, 2022 "On Amendments to the Resolution of the Board of the National Bank of Ukraine No. 18 of February 24, 2022", which will enter into force on August 20, 2022.

As Ukrainian News Agency earlier reported, from July 27, the National Bank of Ukraine allowed banks to sell in the cash segment of the foreign exchange market half of the non-cash currency purchased from citizens from April 13, 2022, in addition to the sale of cash currency purchased from the same date.

In July, the National Bank reduced the monthly limit on transfers of citizens abroad from hryvnia payment cards of Ukrainian banks from UAH 100,000 to UAH 30,000.

On July 21, the NBU adjusted the official hryvnia exchange rate by 25% to 36.5686 UAH/USD.

From August 6, 2022, the National Bank canceled the restriction, according to which banks and non-banking institutions had to buy cash currency from the population at a rate not lower than the official one.

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