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Ukraine – cash transactions to be limited


01/06/2013

On June 6th 2013 the National Bank of Ukraine (NBU) issued a statement confirming that the country would be introducing a cap on cash transactions of 150 000 hryvnya (approx. 19 000 US dollars) from September 1st 2013. According to the bank’s specialists, as Ukraine has suitable apparatus in place to cope with non-cash transactions, financial markets would not be affected.

Vera Rychakovskaya, NBU vice president, confirmed that the move would not only reduce the cost of maintaining cash, but would also help to make the economy more transparent and to stimulate the growth of GDP.

Official statistics show that currently only 11% of all retail payments in Ukraine are not carried out in cash.

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