NBU sets limits on currency cards: what restrictions are in effect from today
Date: 2024-09-10 Author: Michail Kovalenko Categories: ECONOMY
The NBU sets a monthly limit of UAH 100,000 equivalent for payments abroad using currency payment cards opened by Ukrainian banks for transactions with merchant codes 5094 (precious stones, metals and jewelry), 5944 (watches, silver) and 5972 (coin and stamp stores).
"The need for this measure was shown by the analysis conducted by the NBU with the involvement of banks and payment systems. It confirmed the existence of attempts to avoid the restriction on the purchase of bank metals outside of Ukraine, set by the NBU for the period of martial law," the statement says.
This limit corresponds to the general limit set by the NBU for hryvnia cards for payments abroad.
The NBU also limited transactions with agents and managers with real estate abroad.
A monthly limit of UAH 500,000 is set in the equivalent of a transaction with the merchant code 6513 (real estate agents and managers). Transactions with this code are used to pay management fees, accommodation fees, and related fees.
"The UAH 500,000 limit takes into account the needs of Ukrainians outside Ukraine or traveling abroad, and meets the needs of 98% of bank clients who carry out these transactions. It will prevent attempts to circumvent the restrictions imposed by the NBU on relevant transactions and avoid large-scale capital outflows from Ukraine," the statement says.
Recall that since the beginning of the war on February 24, 2022, the NBU introduced strict currency restrictions and banned the sale of dollars to the population. Then the NBU gradually lifted these restrictions, but they remain quite strict.
There remains a significant structural currency deficit on the market, which the NBU covers from reserves through international assistance. In the first 8 months, the central bank sold 20 billion dollars on the interbank market, of which the population bought 7 billion dollars from banks.
"The need for this measure was shown by the analysis conducted by the NBU with the involvement of banks and payment systems. It confirmed the existence of attempts to avoid the restriction on the purchase of bank metals outside of Ukraine, set by the NBU for the period of martial law," the statement says.
This limit corresponds to the general limit set by the NBU for hryvnia cards for payments abroad.
The NBU also limited transactions with agents and managers with real estate abroad.
A monthly limit of UAH 500,000 is set in the equivalent of a transaction with the merchant code 6513 (real estate agents and managers). Transactions with this code are used to pay management fees, accommodation fees, and related fees.
"The UAH 500,000 limit takes into account the needs of Ukrainians outside Ukraine or traveling abroad, and meets the needs of 98% of bank clients who carry out these transactions. It will prevent attempts to circumvent the restrictions imposed by the NBU on relevant transactions and avoid large-scale capital outflows from Ukraine," the statement says.
Recall that since the beginning of the war on February 24, 2022, the NBU introduced strict currency restrictions and banned the sale of dollars to the population. Then the NBU gradually lifted these restrictions, but they remain quite strict.
There remains a significant structural currency deficit on the market, which the NBU covers from reserves through international assistance. In the first 8 months, the central bank sold 20 billion dollars on the interbank market, of which the population bought 7 billion dollars from banks.
