NBU comes to the rescue as Ukrainian banks run short of cash

7 September, 04:41 PM
Ukrainians buy more currency than they sell for first time since start of full-scale war (Photo:NV)

Ukrainians buy more currency than they sell for first time since start of full-scale war (Photo:NV)

The National Bank of Ukraine will start exchanging non-cash funds of banks for cash starting from Sept. 7 to address the issue of shortage of foreign currency in the banks’ cash desks, according to the message posted on the regulator’s website.

According to the central bank, the deficit of cash currency arose due to situational logistical difficulties with the delivery of foreign currency from abroad.

"The current shortage of cash currency in some banks is temporary," said Deputy Head Yuriy Heletiy.

“The National Bank is closely monitoring the situation and has enough foreign cash to maintain the cash foreign currency liquidity of the banking system at an appropriate level to meet the needs of Ukrainians.”

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Cash replenishment operations will be carried out through the Refinitiv trading and information systems, which is used by banks to conduct transactions on the interbank foreign exchange market.

The maximum volume of transactions will be $100 million, and the minimum amount of the application from one bank has been set at $1 million.

The NBU clarified that such operations will not affect international reserves.

The regulator also recommendedhat the t banks increase the volume of cash currency imports to prevent the emergence of such difficulties in the future.

Earlier it was reported that in August Ukrainians bought more foreign currency than they sold for the first time since the beginning of the full-scale war.

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