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The National Bank of Ukraine (NBU) decided to limit cash transactions to 150 thousand UAH from September 1, deputy head of the NBU Vira Rychakovska told a briefing on Thursday.
"The restriction of cash payments between individuals and legal entities, as well as between individuals under sale and purchase contracts that are subject to notarization, is set at the amount of 150 thousand UAH. The main goal is to expand non-cash payments," she said.
According to the NBU deputy head, the implementation of this decision will generate the additional liquidity of 14-16 billion UAH per year for banks and provide additional GDP growth of 0.2%.
Regarding the prospects for reducing the size of restriction in the future, Rychakovska noted that it is advisable to consider this issue only under the appropriate development of the infrastructure of cashless payments.
She also stressed that the establishment of this restriction would increase the security of payments.
Regarding the banks’ charges for non-cash transactions by individuals, she noted that the NBU has no proper instruments for limits, but expects competition between the banks to have a positive impact on their size.
She added that the restrictions will not affect the absolute majority of the population, as it related only to big purchases.