The National Bank of Ukraine announces the decrease of maximum limit of cash payments for individuals from UAH 150 ths to 50 ths from January 4, 2017…, UNN reports, quoting the press-office of the National Bank.

The relevant norms are included in the resolution №407 of the Board of the National Bank of Ukraine dd. 25/11/2016 «On Introduction of Amendments to the Resolution of the Board of the National Bank of Ukraine dated June 06, 2013, № 210 “On Setting Maximum Limit of Cash Payments»».

Thus, the resolution stipulates the maximum amount of cash payments between individual and enterprise (entrepreneur) within one day, amounting to UAH 50 ths, as well as individuals between themselves under sale and purchase agreements, which are subject to notarial certification, amounting to UAH 50 ths.

In the meantime, the individuals have the right to make cash payments for the amount, exceeding UAH 50 ths, by transferring funds from the current account to the current account, crediting and/or transferring funds to current accounts (including to the notary’s deposit to the separate current account in national currency).

In the meantime, cashless transactions can be conducted without any limitations and the banks have to ensure cashless transfers upon the request of clients in full. In addition, the maximum amount of cash payments of enterprises (entrepreneurs) within one day remains unchanged and makes up UAH 10 ths.

The institution noted that setting the maximum amount of cash payments at UAH 50 ths will not cause any inconveniences to citizens and will not affect daily purchases of the people, because they will affect only major purchases (real estate, jewelry, vehicles, art, fur, expensive watches, journeys etc).

Meanwhile, the National Bank of Ukraine noted that the Complex Program of Development of the Financial Sector of Ukraine until 2020 stipulates the gradual decrease of the level of cash funds in the economy to 12% (M0-to-GDP ratio) in 2020 (in 2014, this indicator was 18.1%, as per the results of 2015, it decreased to 14.6%).

It should be reminded that on August 4, 2016, the National Bank planned to limit cash payments to UAH 50 ths per day.