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NEWS

Ukraine to limit cash transactions


12/06/2013

The bank's experts said the move would not affect financial markets, as the country had already established the infrastructure for non-cash transactions.

Ukraine would implement a cash transaction cap of 150,000 hryvnya (18,750 U.S. dollars) from 1 September 2013, the National Bank of Ukraine (NBU) said 6 June 2013.

"Such a move will reduce the cost of maintenance of cash, will promote the de-shadowing of the economy and stimulate the growth of gross domestic product," NBU deputy head Vera Rychakovskaya told a briefing.

According to official data, the share of non-cash transactions in Ukraine's financial system accounts for 11 percent of total retail payments.

www.intax-info.com

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