The National Bank of Ukraine (NBU) removed the restrictions on the purchase of currency. Even so, it left the norm, which obliges to immediately put the purchased currency on deposit.
This is reported by the press service of the NBU.
From October 21, citizens will have the opportunity to buy dollars at the official rate of the NBU, followed by their placement in a bank deposit. After the deposit period expires, citizens will be obliged to sell this currency back to the bank at the official exchange rate on the day of such transaction.
"The amount and number of such deposits for one client of the bank are not limited. The interest rate on the deposit will be set in accordance with the interest policy of the banks, the term of the deposit is from 6 months with the possibility of extension, but without the right of early termination," the National Bank notes.
Banks, for their part, will be able to buy dollars from the NBU for the amount of such deposit transactions at the official exchange rate in order to level their own currency risk, and in the future will place the purchased currency in a separate account at the NBU.
Banks will not have the right to use this currency for other purposes, except for its mandatory resale to the National Bank at the current official exchange rate after the expiration of such currency deposits. In order to compensate the banks for the costs of conducting such operations, the NBU will charge interest on currency balances on the bankʼs account with the NBU and pay them in hryvnias.
The National Bank believes that such a step will create an additional alternative for citizens to invest in cash currency, which will help reduce demand for it and reduce pressure on the exchange rate.
- At the end of September, the National Bank increased the monthly limit for buying foreign currency to 100 000 hryvnias (equivalent). Previously, the limit was 50 thousand hryvnias.
- In August, the population of Ukraine bought $106.6 million more currency from banks than it sold.