National Bank of Ukraine clarifies how banks will operate under Martial Law

Friday 25 February 2022 14:45 CET | News

The National Bank of Ukraine has issued new rules outing how banks will operate after the Martial Law declaration on 24 February 2022.

According to the central financial institution, banks need to ensure uninterrupted operations of their branches, unless doing so jeopardises the lives and health of the Ukrainian people. Moreover, banks will continue to operate subject to the restrictions stipulated by the resolution but will impose temporary restrictions. 

Some of the temporary restrictions include suspending the operation of the country’s FX market, except for FX sales conducted by customers and limiting cash withdrawals from clients’ accounts to UAH 100,000 (approximately USD 3,335), except for salaries and social benefits. At the same time, banks cannot release cash from client accounts in foreign currencies, except for businesses and institutions, while electronic money issuing is suspended.

The NBU mentions that all cashless payments can be performed without limitation and ATM cash replenishment is carried out without any restrictions. 

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Keywords: Russia Ukraine War, central bank, digital currency, e-money, cash, FX , cash flow
Categories: Banking & Fintech
Companies: The National Bank of Ukraine
Countries: Ukraine
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Banking & Fintech

The National Bank of Ukraine

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