Photo from UNIAN
Acting Governor of the National Bank of Ukraine Yakiv Smolii estimates that the current amount of cash in circulation outside the banking system in the country is about UAH 300 billion, or US$11.45 billion, which increases the burden on the National Bank and stimulates the shadow economy.
"About UAH 300 billion in cash is outside the banking system today," he said at a meeting of the Verkhovna Rada Committee on Financial Policy and Banking.
Read alsoNBU classifies introduction of 1,000-hryvnia note as secretIn his words, this high amount of cash increases the burden on the National Bank related with the issue and circulation of money.
"Part of this cashless money feeds the shadow economy," Smolii said, noting that to solve the problem it is necessary to speed up the adoption of bills on reducing the share of cash in circulation.
In particular, he mentioned bill No. 5361-d on the regulation of the transfer of funds, bill No. 4117 on the liberalization of cash settlements and bill No. 4658 on simplification of the use of cash registers.
As UNIAN reported, the NBU has been implementing the so-called cashless concept, aiming to reduce the amount of cash in circulation from 13.4% of GDP in 2016 to 9.5% of GDP in 2020.