NBU’s Resolution No.540
The National Bank of Ukraine has prolonged the limit set on sale of foreign currency to the natural persons by banks till December 2014, the amount of which equals 15 ths hryvnias, and has prohibited withdrawing foreign currency from e-cards, according to NBU’s Resolution dd. August 29, 2014, No. 540 On Additional Mechanisms to Stabilize Monetary and Currency Markets of Ukraine.
This resolution enacted by the NBU that will come into effect from September 2, 2014, introduces a series of measures to stabilize hryvnia.
In so doing, the NBU has forbidden residents to repay foreign currency loans under the agreements with a non-resident before its due time set in the agreements.
The NBU has banned the banks to sell/buy foreign currency for hryvnias in the interbank market without delivery of foreign currency.
The NBU has limited purchase-sale transactions in a foreign currency to be made by one person during one banking (business) day in the amount that does not exceed 15 thousand hryvnias equivalent, performed by one bank.
The NBU has also limited the foreign currency amount that can be remitted by natural persons outside Ukraine attributed to non-trade current transactions in the amount of 15 ths hryvnias within one banking (business) day; from the current account in foreign currency – the amount of which exceeds 15 ths hryvnias equivalent, but not over 150 ths hryvnias a month. The exclusions are as follows: payment for treatment in medical centres of other country; bereavement payment due to the death of a citizen happened abroad; payment for education - solely for a study course; remittance of the money obtained as payment for work of non-residents in Ukraine, pensions, alimonies, etc.
The banks are liable to limit the issue of cash in local currency through cash points and ATMs within 150 ths hryvnias a day per client. Exceptions: pay of salaries, expenses, pensions, scholarships, other social security benefits and social costs equated to them.
The NBU has suspended the issue of savings (deposit) bonds by the banks.
The NBU has set the limit on total long foreign exchange position that cannot exceed 1% (it was 5% before).
The listed banks are liable to restrict the issue (receiving) of cash in a foreign currency from the current and deposit accounts of clients through cash points and ATMs within 15 ths hryvnias, equivalent per client, at the official rate of the NBU. The said requirement applies to the disbursement (receiving) of cash both in Ukraine and abroad regardless of a number of the client’s accounts opened with the same bank. Exclusions: diplomatic representations, as well as transactions relating to the expenditure treated as business travel costs.
The listed banks are liable to include the book value of the domestic government bonds purchased, which value is adjusted, decreased by coupon yield, to the calculation of total (long/short) open foreign exchange position.
The NBU has put the banks under obligation to purchase foreign currency under instructions of clients so that to credit the money in advance to a segregated analytics account, the balance sheet account No.2900 “Notes Receivable under Purchase/Sale of Foreign Currency, Bullions and Precious Metals for Bank Clients”. The money can be transferred from this account to purchase foreign currency not earlier than the third banking day from the date of crediting hryvnias to the account.
The NBU has obliged the banks to disburse cash throughout Ukraine through electronic payment devices, to both residents and non-residents, and do it solely in hryvnia.
The NBU has resolved that the foreign currency remitted from abroad in favour of natural persons – residents and non-residents, intended for making payments in cash without opening of an account, should be paid to the recipient solely in hryvnias.
The resolution will come into force from September 2 and is valid until December 2, 2014, inclusive.
