This should reduce the difference between cash and non-cash rates. As a result, this will help stabilize exchange rate expectations and increase the stability of the foreign exchange market.
Since December 1, the National Bank of Ukraine has removed all restrictions for banks and financial institutions on the sale of cash currency to the population. This was stated in a message from the NBU.
“All restrictions for banks and non-bank financial institutions on the amount of their possible sale of cash foreign currency to the public have been cancelled,” the statement said.
According to the regulator, this will help reduce the difference between cash and non-cash exchange rates. As a result, this will help stabilize exchange rate expectations and increase the stability of the foreign exchange market.
“The de facto presence of such restrictions is one of the reasons for the increase in exchange rates. Accordingly, by removing them, we have reason to expect that it will enable us to keep the difference between rates: cash and non-cash at a minimum level,” said the head of the NBU Andrey Pyshny.
Let’s recall that at the beginning of October the NBU announced the transition to a flexible dollar exchange rate. The regulator promised to significantly limit changes in the exchange rate, preventing both a significant weakening of the hryvnia and a significant strengthening.
And at the end of August, the NBU allowed banks to sell non-cash money to the population in the amount of 50 thousand Hryvnias without additional obligations. Because of this, the dollar exchange rate has depreciated significantly.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.