PrivatBank has imposed temporary restrictions on certain transactions where the hryvnia is being converted because of the official and market exchange rate discrepancy for the national currency.
Dmytro Dubilet, PrivatBank’s chief of information technologies, wrote the announcement on his Facebook page.
“Some foreign stores while charging UAH account cards converted hryvnias into their currency unilaterally. These transactions amount to about 1-3% of the total transaction number. By the end of last year, the practice resulted in million UAH daily losses for all Ukrainian banks since the banks sold the currency at a reduced exchange rate. Earlier this year, our processing settings were changed, because we had been losing money on such conversions. Unfortunately, this reset then led to our clients losing their money, because their transactions were in fact converted twice,” the banker explained.
Dubilet said that the bank will have reimbursed its clients the money they lost in double conversion by January 10.
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