National Bank of Ukraine allowed banks to sell foreign currency at an “unlimited rate”

The National Bank of Ukraine lifted restrictions on banks selling foreign currency. Now they will be able to sell cash to Ukrainians at any rate.

The National Bank writes about this on its Facebook.

Previously, banks were allowed to sell currency at a rate not exceeding 10% of the NBU. The National Bank itself froze the exchange rate at UAH 29.55.

"Removing restrictions on the exchange rates at which banks sell currency to the public will improve the working conditions of legal market participants. This will help increase competition, increase the liquidity of the legal segment and reduce the volume of illegal transactions," said Deputy Chairman of the NBU Yuri Heletiy.

The National Bank also reduced the monthly limit on cash withdrawals abroad from hryvnia accounts opened with Ukrainian banks to UAH 50,000 in equivalent (from UAH 100,000 as before). This will reduce the amount of capital exported and spent abroad.