Ukraine to limit cash transactions

Ukraine would implement a cash transaction cap of 150,000 hryvnya (18,750 U.S. dollars) from Sept.1, the National Bank of Ukraine (NBU) said Thursday, according to Xinhua.

"Such a move will reduce the cost of maintenance of cash, will promote the de-shadowing of the economy and stimulate the growth of gross domestic product," NBU deputy head Vera Rychakovskaya told a briefing.

The bank's experts said the move would not affect financial markets, as the country had already established the infrastructure for non-cash transactions.

According to official data, the share of non-cash transactions in Ukraine's financial system accounts for 11 percent of total retail payments.