NBU introduced mandatory conversion of money transfers

Photo: Ivan Chernichkin

The National Bank of Ukraine issued a resolution on August 29 introducing mandatory conversion of foreign currency remittances to hryvnia, prohibited issuing of currency using payment cards and also slowed down the process of foreign currency purchase on the interbank foreign exchange. The new regulation takes force September 2.

The new restrictions were imposed taking into account social and political tensions in the country, presence of certain elements of risk, uncertainty of further developments, and considering also economic problems connected with the anti-terrorist operation in Donbas, reads the document.

“Issuing of cash by electronic payments emitted by residents and nonresidents is carried out in hryvnia on the territory of Ukraine,” according to the document.

The restrictions will not allow to use financial system of Ukraine for money laundering and financing of terrorism, but will help settle the situation on the foreign exchange market, according to NBU.

As Capital reported, earlier sources of mass media informed that NBU intends to expand the requirement for converting all cash transfers from abroad into Ukraine to hryvnia.