The National Bank has changed the rules for international money transfers

The National Bank of Ukraine has amended the rules for non-bank financial companies and payment systems, requiring them to credit international currency transfers to payment accounts exclusively in hryvnia. 

The relevant provisions are contained in NBU Resolution No. 106. Automatic conversion to the national currency will take place regardless of the transfer amount, country of origin, or status of the recipient—whether they are ordinary citizens, sole proprietors, or companies. It will no longer be possible to receive funds in foreign currency directly from abroad into such accounts, and customers will not be able to choose the exchange rate themselves.

The conversion will be based on the bank’s exchange rate specified in the agreement with the payment service provider. In the absence of such an agreement or a fixed exchange rate, the service will not be able to credit the funds. Additionally, card transfers will require the sender’s prior consent to the exchange rate, and if mandatory information about the parties to the transaction is missing, financial monitoring authorities will block the payments.

Source: NBU resolution.

The NBU fined the payment company iPay 16.5 million UAH.

The NBU lowered the exchange rates for the dollar and the euro.