The National Bank of Ukraine introduced large-scale easing of currency restrictions for the population, business, and financial sector starting August 11. The new rules expand opportunities for purchasing currency and conducting transactions, notably increasing the limit on non-cash currency purchases.
This was reported by Minfin, according to the portal PromPolitInform.
The National Bank of Ukraine introduced large-scale easing of currency restrictions for the population, business, and financial sector starting August 11. The changes are aimed at expanding opportunities for conducting financial operations and settlements.
In particular, the limit on purchasing non-cash currency increased from 50,000 to 200,000 hryvnias. Amounts for withdrawing cash from foreign currency accounts both within the country and abroad were also revised.
New rules expand opportunities for business and citizens
The adopted decisions provide Ukrainians and enterprises with additional tools to pay for goods and services abroad. Furthermore, companies received new limits, partly thanks to charitable contributions, and the capabilities of banks and insurers have also shifted.
According to preliminary estimates, the introduced relaxations could situationally add between $400 million and $600 million to weekly currency demand. At the same time, the regulator is analyzing the potential impact of these steps on the domestic market.
The regulator assesses potential risks for the national currency
Experts and market participants are discussing whether the new rules will create additional pressure on the hryvnia. In particular, the question arises regarding the need to increase currency interventions by the National Bank.
Despite the growing demand, the regulator believes that the introduced relaxations will not cause significant devaluation. Financial market participants continue to monitor further exchange rate dynamics and the stability of the banking system.
Illustrative photo: Wadco2 / CC BY-SA 3.0
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