Restricting the amount of cash payments is positive process for the financial market of Ukraine, deputy governor of the National Bank of Ukraine Vira Rychakovska told a press conference, ForUm correspondent reports.

According to the financier, today there is too many non-banking cash in the domestic financial system – 201.7 billion UAH.

"While economy needs the reduction in cash in circulation. Even a slight decrease in the share of cash payments increases credit resources of banks, accelerates the consumer market and eventually recovers GDP. In addition, it reduces the cost of cash maintenance," Rychakovska said.

According to her, the national infrastructure of cashless payments is ready for such a restriction on cash transactions between the individuals.

"Especially significant progress occurred in 2012, which resulted in 44 million cardholders and nearly 70 million of the cards, including more than 33 million active cards. In addition, the country has more than 36 thousand ATMs," she said.

Rychakovska noted that the restriction on cash payments will reduce the share of the shadow economy, improve the financial security of people and give them additional revenue opportunities within the banking system.


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