Limiting transaction amounts is aimed at minimizing the use of the payment system in illegal activities, such as transferring funds from “drop accounts,” which are an element of the “shadow economy.”
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Photo – rbc.ua
As NBN reports with reference to the material of the Interfax-Ukraine publication, domestic financial institutions, judging by the in all likelihood, they will sign a voluntary memorandum concerning the reduction of the limit on monthly transactions, after which, if the limit is exceeded and the client is unable to disclose the source of income, “enhanced financial monitoring” will be launched.
According to the publication’s sources, the revision of threshold amounts will be carried out by Ukrainian banks in stages, and in the short term:
- from January 1, 2025, the limit will be lowered to UAH 150,000 per month;
- from July 1, 2025, to UAH 100,000 per month.
At the same time, we are talking not only about P2P transactions (card-to-card transfers), which The NBU managed to limit it to UAH 150,000/month (within one bank), but also to making transfers via IBAN.
It became known separately that about 50 percent of Ukrainian banks have preliminarily agreed to a similar initiative, which will likely replace a similar mechanism (introduced by the NBU), which expires in April 2025.
Earlier, we wrote that the NBU answered whether interest on deposits would compensate for the accelerated rate of inflation.
