Monobank now selling forex for term deposits

3 August, 01:39 PM
monobank’s co-founder Oleh Horokhovskyi (Photo:NV)

monobank’s co-founder Oleh Horokhovskyi (Photo:NV)

Monobank – the internet banking branch of Universal Bank – is now selling foreign currency to its clients, provided it first goes into three-month-long deposits, monobank’s co-founder Oleh Horokhovskyi said in a Telegram post on Aug. 2.

Purchases are still limited to UAH 50,000 ($1,300) per month, and are automatically put into deposit accounts for at least three months. Alternatively, they can also be placed in existing termed deposits with the bank – provided those still have at least three months in remaining duration.

Upon expiration, clients are free to empty their deposit accounts, in cash or otherwise. A UAH 100,000 ($2,600) daily withdrawal limit still applies, however.

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Universal Bank still reserves the right to suspend foreign currency sales under extreme circumstances. The bank’s clients purchased $2.3 million worth of foreign currency within hours of the option becoming available.

The National Bank of Ukraine, Ukraine’s central bank, earlier lifted some of the restrictions on foreign currency cash sales it put in place following the full-scale invasion of Ukraine by Russia.

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