NBU intends to introduce mandatory conversion of cash transfers

The Head of the NBU Valeria Hontaryeva signed the decree of the regulator, under which the National Bank will expand the requirement for mandatory conversion into hryvnia on cash remittances.

This was reported by the ZN.UA.

Thus, the innovation will affect users of international payment systems (such as Western Union, Money Gramm and others) who pay out money transfers in cash, and which are often used by Ukrainian citizens working abroad.

However, the issue of rate at which the exchange will be made is left unregulated. That is, in fact, banks will be able to conduct transactions at low rate of their exchange offices.

Earlier, by the Decree №449 dd. July 28, 2014, the National Bank of Ukraine canceled some restrictions on foreign currency transfers to individuals.

In particular, the restrictions on foreign currency transfers without opening an account to 15,000 UAH, as well as transfers from current account in the amount ranging from 15,000 to 150,000 UAH per month in foreign currency equivalent were lifted.

Such restrictions were provided by the decree "On the regulation of financial institutions and foreign exchange operations" dd. May 30.

By the same decree, the NBU prohibited cash withdrawals in amount of more than 150,000 UAH per day from bank accounts for all customers, whereas previously this limit did not apply to those who brought their money in cash.

By the decree №208 dd. June 6, 2013 the National Bank ordered to convert to hryvnia all noncash wire transfers from abroad into Ukraine.