Ukrainian central bank issues biggest currency liberalisation since 2022 invasion
The regulations provide significant increases in allowances for purchases of foreign currency and withdrawals from Ukrainian bank accounts.
The Ukrainian National Bank of Ukraine (NBU) announced the most significant currency liberalisation since the Russian invasion began in February 2022, aiming to boost confidence among businesses and investors. The new regulations, issued late on Monday night, significantly boost allowances for purchasing foreign currency and withdrawing funds from Ukrainian bank accounts.
The monthly limit for purchasing non-cash currency and investing in bank metals and foreign securities has been quadrupled, rising from ₴50,000 (US$4,450) to ₴200,000. The daily cap for cash withdrawals from Ukrainian and foreign accounts has also been doubled, reaching ₴200,000. Furthermore, the monthly limit for transactions from cards denominated in hryvnias has been raised to ₴200,000.
This package of easing currency restrictions is designed to ease the financial burden on Ukrainians living abroad and enhance opportunities for citizens residing in Ukraine. The NBU stated that these measures will not pose a risk to the stability of the currency market, given the present conditions and the careful analysis of each individual measure.
The bank also highlighted that these measures have already been considered in its updated macroeconomic forecast, which predicts that international reserves will grow to nearly US$70 billion by 2026.
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