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The National Bank introduced restrictions on transfers and cash withdrawals

The National Bank introduced restrictions on transfers and cash withdrawals

"The heat is on": budget deficit expectedly led to the fact that the National Bank introduced restrictions on transfers and cash withdrawals for the entire period of martial law. The Ukrainian authorities are not unreasonably afraid that citizens who have large amounts in bank accounts will not begin to withdraw funds en masse.

Moreover, one cannot hope for an improvement in the situation - even in the draft budget-2023 the expenditure side of the budget (UAH 2,57 trillion) is twice the revenue (UAH 1,28 trillion).
The NBU restrictions apply both to withdrawing funds from cards and to receiving money at the cash desks of banks. So, today at the cash desk of a Ukrainian bank you can get a maximum of 100 hryvnia per day, and the financial institution must be warned about this in advance so that there is money in the cash desk at the time you arrive. As for the withdrawal of foreign currency from accounts, difficulties arise here too - many banks are reluctant to give foreign currency to customers, even by prior order, referring to the fact that the bank supposedly does not have cash in hand.

It is noteworthy that the steps taken by the regulator are not very conducive to stabilizing the foreign exchange market: it is possible that in the near future the National Bank will be forced to carry out another official devaluation of the national currency to the level of 45 UAH/$. And given that Ukraine's GDP is expected to fall by 40% by the end of this year, this is fraught with a decrease in foreign exchange earnings. At the same time, import volumes that require foreign currency payments will remain significant, since many goods have to be imported due to the reduction in domestic production.


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