REUTERS
The changes will become effective Nov 5.
The National Bank of Ukraine has decided to lift limitations on the purchase of foreign currency and bank metals by individuals through the cash department of a bank, financial institution or online banking system, which is now set at UAH 150,000 (or US$6,000) in the equivalent per day.
The changes will become effective on November 5, the NBU said on its website.
The requirement for individuals to submit documents to banks confirming the grounds for the purchase of non-cash foreign currency is also to be cancelled.
Read alsoUkraine's hryvnia returns to strengthening track on interbank market
According to the NBU, these liberalization measures will not have a significant impact on the foreign exchange market, since the vast majority of individuals' forex purchase operations have been within UAH 150,000, and the total volume of purchases and sales of foreign currency by individuals is proportional as of today.
Also, the NBU recalled that the net purchase of foreign currency by the regulator in the interbank foreign exchange market this year is almost US$4 billion, and the country's international reserves over the past few months have remained at the level of US$21-22 billion.
In addition, the NBU does not see any reason to increase pressure on the hryvnia as a result of psychological factors, as inflationary and devaluation expectations of Ukrainians continue to improve.
It is also reported that the National Bank will continue its currency liberalization policy in accordance with the pace of improving macroeconomic conditions and taking into account the speed of adoption and implementation of a package of laws regarding the prevention of unproductive capital outflows from the country, in particular, the draft law on counteracting base erosion and profit shifting (BEPS).
As UNIAN reported earlier, the National Bank has already canceled more than 30 forex restrictions in the framework of the updated currency legislation in force since February. In particular, it allowed online purchases of foreign currency by individuals and introduced a system of investing abroad under e-limits instead of individual licenses.