The NBU took care of the circulation of foreign currency on accounts of natural persons
The National Bank of Ukraine continues to pursue a consistent policy aimed at de-dollarization of economic relations. Appropriate measures combine both market, and some administrative incentives. The latter, in particular, aim at ensuring legally defined status of the hryvnia as the sole legal means of payment in Ukraine.
In order to consolidate the positive trends, the National Bank of Ukraine has taken additional measures to enhance the status of the hryvnia as a means of settlement between individuals in Ukraine.
Thus, by the resolution of the National Bank of Ukraine dd. September 16, 2013 № 365 "On the receipt of foreign currency on current accounts of physical persons in Ukraine" it is established that foreign currency in Ukraine shall be received to current foreign currency accounts of individuals (residents or nonresidents) by means of transfer of funds in foreign currency from another account or by cash deposit by the account holder. Foreign currency cash deposits on current accounts of nonresident individuals shall be made on the basis of documents confirming the source of its origin.
No other options of receipt of foreign currency on current foreign currency accounts of individuals (residents or nonresidents) in Ukraine are provided.
Citizens still can:
- Make cash deposits on foreign currency accounts of another individual subject to provision of a letter of authorization from that individual;
- Transfer their money in foreign currency to another individual within Ukraine - however such funds will be transferred to the recipient's bank account in the local currency equivalent.
This Resolution has been registered by the Ministry of Justice and is effective from the date of its publication.