National Bank of Ukraine let more currency sold to public for the first time since the war began

"The NBU continues to implement the published Strategy for easing currency restrictions, moving to greater exchange rate flexibility and returning to inflation targeting," the statement said.

It is noted that according to the Strategy, the NBU's actions within the first stage of easing currency restrictions will be aimed, in particular, at minimizing the multiplicity of exchange rates.

What exactly will change

To this end, the NBU is easing currency restrictions on the sale of non-cash foreign currency to individuals. Thus, starting from August 29, 2023, the NBU:

• For the first time since the beginning of a full-scale war, the NBU will allow banks to sell non-cash foreign currency to the public without confirming the grounds or obligations for such a transaction. Such transactions will be carried out at the exchange rate set by the bank within the monthly limit of UAH 50 thousand in equivalent per bank;
• Increase the monthly limit for the purchase of non-cash foreign currency by individuals from UAH 100 thousand to UAH 200 thousand in equivalent with subsequent placement on deposit for three months or more.

What will this influence

The NBU believes that these changes will help to reorient part of the population's demand from cash foreign currency to non-cash foreign currency, as the sale of non-cash foreign currency by banks is more convenient and secure. This will help reduce the difference between the cash and official exchange rates.

"If necessary, the NBU is ready to take additional measures to minimize the multiplicity of exchange rates," the statement added.

Earlier it was reported that the NBU plans to move to a flexible dollar exchange rate, which involves monitoring and, if necessary, adjusting the situation on the market.