The National Bank allowed non-bank financial institutions to withdraw currency without restrictions

Date:

The National Bank allowed non-banking financial institutions to withdraw unlimited amounts of national and foreign currency from their bank accounts to supplement their own cash registers or the cash registers of separate divisions with cash. Corresponding changes are foreseen by the resolution of the board of the NBU dated June 30, 2023 No. 88which entered into force on July 1.

“This will help to expand the supply of foreign currency that does not show signs of significant wear or damage in the cash foreign exchange market, where citizens can buy and sell foreign currency. In addition, granting permission to non-bank financial institutions to withdraw cash hryvnia without restrictions will make it possible to maintain hryvnia liquidity of the latter at an appropriate level, which is important for their smooth acceptance of cash foreign currency from citizens,” the National Bank notes.

In order for the granted permission to be used exclusively for the purpose of ensuring a stable situation on the foreign exchange market, the NBU defined the conditions that non-bank financial institutions must comply with.

Thus, the amount of cash withdrawn in hryvnia or foreign currency by a non-banking financial institution should not exceed the amount of funds in hryvnia or foreign currency that was previously credited to their bank account, in particular:

  • a non-banking financial institution can credit the hryvnia account with funds received through currency exchange transactions and from the sale of non-cash foreign currency;
  • to an account in foreign currency – funds received from currency exchange transactions and as compensation for foreign currency banknotes accepted for collection.

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