Policy Win: The National Bank of Ukraine Settled Important Issues Related to Cash Transactions in the National Currency
The National Bank of Ukraine issued Regulation #37 amending the regulation on maintenance of cash transactions in the national currency in Ukraine. The Regulation #37 introduced a number of amendments that regulate certain issues of national currency cash operations. The Chamber addressed letters regarding the necessity of introduction of these amendments to the National Bank of Ukraine and, thus, welcomes their adoption since they are aimed at reducing the administrative burden on business and deregulation.
In particular, Regulation #37 introduced the following changes:
- specified the norms of cash outflow with the help of cash registers
- changed the procedure for establishing a cash limit for non-bank financial institutions
- expanded the list of cases that are not subject to limitations of cash settlements between business entities and individuals in the amount of UAH 50 000
- specified the concept of separate subdivisions of business entities
We would like to thank Yakiv Smolii, Governor of the National Bank of Ukraine and his team for introducing these important amendments for the business community, as well as experts of the Chamber Member Companies, who were actively involved in this advocacy process, for their contribution.