NBU Eases Foreign Exchange Restrictions

Individuals will be able to buy and sell foreign currency up to the equivalent of ₴150,000 ($6,000) without showing an ID, according to the National Bank of Ukraine (NBU) Resolution of August 2.

It abolishes the previous norm requiring private persons to show their ID when exchanging any amount of foreign currency.

"Citizens are selling more foreign currency than they are buying. During January-July 2016, they sold $1.9 billion more to banks than they bought. Considering the stabilized situation, the NBU decided to liberalize foreign currency exchange operations of private persons," the NBU press office informed.

The new rule is effective starting from August 10. At the same time, when a person exchanges foreign currency amounting to more than ₴150,000 ($6,000), he or she must show his/her ID, which the Bank says is necessary to combat money laundering and financing terrorism.

Source: Ekonomichna Pravda