NBU proposes to triple restrictions on cash payments

The National Bank of Ukraine (NBU) has proposed limiting cash transactions by individuals to the sum of UAH 50,000 and offers a public discussion of the initiative.

"The National Bank proposes setting maximum cash payments performed by individuals to companies (entrepreneurs) within one day for goods (labor, services), as well as individuals to each other under sale and purchase contracts that are subject to notarization in the amount of UAH 50,000," according to the NBU website.

The NBU said today the ceiling sums are set at UAH 10,000 for enterprises (entrepreneurs) between each other within one day, UAH 150,000 for individuals and companies (entrepreneurs) in one day for goods (labor, services) and individuals with each other on sale and purchase contracts that are subject to notarization.

According to the National Bank, the comprehensive program of development of the Ukrainian financial sector until 2020 foresees providing the level of cash in the economy not higher than 12%. This figure in 2014 was 18.1%, while in 2015 it decreased to 14.6%.