NBU to take additional measures to minimize war impact on banking system

NBU to take additional measures to minimize war impact on banking system

The National Bank has approved a list of additional measures to maintain the stability of the banking system by minimizing the negative impact of Russian aggression.

That’s according to the press center of the National Bank, Ukrinform reports.

The regulator has temporarily expanded the list of streamlined regulations governing banking operations. The easing relates to the Regulation on Determining the Amount of credit risk on active banking operations by Banks of Ukraine; Regulations on the organization of the risk management system in banks and banking groups; Regulations on plans to resume the operations of Ukrainian banks and banking groups; Regulations on the organization of the process of managing distressed assets in banks of Ukraine.

Read also: NBU has $27.7B in foreign reserves, seen as “sufficient” - governor

“It is also envisaged not to apply to banks measures of influence for violation of the procedure for formation and storage of required reserves, established by the relevant Regulation, that emerged amid the war period and came as a result of the negative effect of Russian military aggression, the statement added.

As reported, from March 21, 2022, the daily limit for cash withdrawals within Ukraine and abroad was increased from UAH 30,000 to UAH 100,000 (equivalent). The National Bank also capped at UAH 100,000 (equivalent) per month the total limit of P2P transfers, payments on card transactions for the purchase of assets that are directly convertible (exchanged) for cash and belong to quasi cash transactions. Such transactions include replenishment of e-wallets, brokerage or forex accounts, payment of traveler's checks, purchase of virtual assets, etc. In addition, the National Bank has expanded the list of exceptions to the ban on transfers abroad. Such exceptions now include foreign exchange transactions of residents in fulfillment of obligations guaranteed by the state.

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