From May 4, the limits of banks’ net foreign long and short foreign exchange positions will be reduced from 15% to 5% of their regulatory capital, the National Bank of Ukraine relayed in a statement on their website on April 29.
This decision was made to maintain the stability of the foreign exchange market, the NBU explained, reducing pressure on Ukraine's international re-serves and preventing unproductive capital outflows.
In addition, from Apr. 30, 2022:
Banks will suspend the issuance of new savings certificates denominated in foreign currency (the restriction does not apply to banks attracting deposits in foreign currency);
Banks are temporarily prohibited from entering into a number of money market derivative contracts (except for swaps), namely, contracts on the basis of which obligations arise for the parties to this contract to purchase or sell foreign currency or precious metals in exchange for UAH; contracts, the basic indicator of which is the exchange rate of a foreign currency against the UAH, an exchange rate index (rates of several currencies) denominated in UAH or the price of precious metals in UAH.
Also, from Apr. 30, the National Bank of Ukraine clarified the procedure for banks to determine the UAH exchange rate against foreign currencies, for online transactions. The UAH exchange rate against foreign currency shall not exceed the official rate by more than 10% of the National Bank of Ukraine rate, when debiting funds in UAH from the client’s account, if the interbank transfer for such a client’s transaction is carried out in foreign currency.
The UAH exchange rate against foreign currency shall be equal to or higher than the official rate of the National Bank of Ukraine in case of debiting funds in foreign currency from the client's account, if the interbank transfer for such a client's transaction is carried out in UAH; when funds are credited to the client's account in national currency, if the interbank transfer for such operation is made in foreign currency.
On Feb. 24, the NBU suspended the work of the foreign exchange market, fixed the exchange rate and limited cash withdrawals to UAH 100,000 per day.
On March 2, the NBU allowed the withdrawal; of foreign currency cash from accounts, but in the equivalent of no more than UAH 30,000.
On Apr. 14, the National Bank of Ukraine allowed banks to sell foreign cash to the public.