The National Bank of Ukraine (NBU) has cancelled a requirement for banks to make copies of ID`s with foreign individual exchange operations not exceeding UAH 150,000 ($6,000).
Relevant resolution No. 341 will come into effect on June 15.
Individuals still need to provide identification documents, but banks will only be required to make copies when foreign exchange operations exceed UAH 150,000.
The NBU notes that the decision will help reduce costs of forex operations for banks and financial institutions, and make the procedure faster.
Relevant resolution No. 341 will come into effect on June 15.
The NBU also allowed banks from June 15 to change foreign currency exchange rates within the bank`s business day.
The regulator also allowed banks to set different forex rates in different branches of the bank to enable them to respond more efficiently to regional nuances of the currency market.
Banks are allowed to use own commercial rates rather than the NBU`s official exchange rate when carrying out cash transactions to convert one currency to another.
In addition, the regulator expanded the list of currencies that banks and financial institutions will be able to convert. Now it is possible to convert foreign currency not only of the first group of the NBU classifier, but also of the second one.
The National Bank has eased its currency restrictions from today, June 9. In particular, it has cancelled the limit of cash withdrawals in the national currency from banks and ATMs earlier set at UAH 500,000, and raised by twice the limit of cash withdrawals in foreign currency and precious metals up to the equivalent of UAH 100,000 per customer per day.
The regulator has also increased the limit for the purchase of foreign currency by individuals from the equivalent of UAH 6,000 per day to UAH 12,000 per day.
The NBU has reduced the requirement for mandatory sale of foreign exchange earnings by exporters from 75% to 65%.
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