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The National Bank of Ukraine from January 4 moves to reduce threefold the maximum level of cash payments per day - from UAH 150,000 to UAH 50,000, according to the regulator's website.
The relevant provisions are contained in NBU Decree No.407 of the National Bank of Ukraine of Nov 25, 2016 "On Amending Resolution Board of the National Bank of Ukraine on June 6, 2013 № 210 "on establishing the maximum amount of cash payments."
"The Decree sets the maximum amount of cash settlements between the individual and the enterprise (entrepreneur) per day at UAH 50,000, as well as between individuals on sale and purchase agreements, which are subject to notarization, at UAH 50,000," reads the report.
The regulator says that individuals have the right to make payments exceeding UAH 50,000 by transferring funds from the current account to another current account, payment and/or transfer of funds to current accounts (including to the notary deposit in a separate current account in local currency).
Read alsoYear of major banking cleansingAt the same time, the maximum amount of cash payments between enterprises (entrepreneurs) per day remains unchanged amounting to UAH 10,000.
The NBU believes that the establishment of the maximum amount of cash payments at the level of UAH 50,000 will not cause inconvenience to citizens, as it does not affect the daily shopping routine.
The State Fiscal Service will be monitoring the compliance with the regulation, according to the Tax Code of Ukraine.