The National Bank of Ukraine (NBU) will allow banks to sell non-cash foreign currency without verification of grounds or contractual obligations for such operations, starting from Aug. 29.
As reported by NBU’s press service, the bank is easing currency restrictions and minimizing exchange rate disparities. Starting from Aug. 29, banks will be able to sell non-cash foreign currency at their established rate, with a monthly limit of UAH 50,000 equivalent ($1,350) in one bank.
The NBU will also raise its monthly non-cash foreign currency purchase limit from UAH 100,000 to 200,000 ($5,400) for deposits starting from three months.
The NBU clarified that it aims to increase the demand for non-cash foreign currency to reduce the difference between the cash and official exchange rates.
In late June, the regulator adopted a strategy to ease currency restrictions, transition to greater exchange rate flexibility, and return to inflation targeting.