Ukraine eases currency controls in biggest reform since 2022 invasion

Ukraine's central bank has unveiled its most sweeping currency liberalisation measures since the full-scale Russian invasion began in February 2022, in a move designed to strengthen business and investor confidence.

The regulations, issued late on Monday, substantially increase the allowances for purchasing foreign currency and for withdrawing money from Ukrainian bank accounts.

The monthly cap for buying non-cash currency, making investments, purchasing bank metals, and acquiring foreign securities has been raised fourfold — from 50,000 to 200,000 Ukrainian hryvnias (approximately $4,450).

The daily limit for cash withdrawals from accounts held both in Ukraine and abroad has been doubled to 200,000 hryvnias. Additionally, the monthly limit for transactions made using hryvnia-denominated cards has been increased to 200,000 hryvnias.

In a statement, the central bank said the easing package includes measures that make life easier for Ukrainians living abroad while also expanding opportunities for citizens within the country.

The bank asserted that the changes would not pose risks to the stability of the currency market, citing the established conditions and a careful analysis of each individual measure.

It also noted that the reforms have already been incorporated into the National Bank of Ukraine's updated macroeconomic forecast, which projects international reserves will grow to nearly $70 billion by 2026.