NBU wants to strengthen restrictions on cash payments to 50,000

The National Bank intends to reduce the maximum amount of cash payments between individuals to 50,000 UAH from 150,000 UAH

This is stated in the report of the regulator with reference to a draft resolution.

"The need to ensure stable cash flow into the banking system and accelerating its circulation, narrowing the scope of cash use and acceleration of non-cash segment drove to adoption of the decision to establish the limit for cash payments involving individuals in the amount of 50,000 UAH", – it said in the statement.

In addition, the NBU noted that non-cash payments can be made without any restrictions, and banks are obliged to ensure non-cash transfers in full at the request of customers.

"An integral part of the financial sector reform process is the reform and development of the payment system. The first priority in this area is the development of cashless payments and reduction of the share of cash payments. Meeting this challenge will bring Ukraine closer to European living standards, accelerate the reduction of the shadow economy, contribute to ensuring a stable work of the banking system," – it said in a statement.

Ekonomichna Pravda