Banks may introduce new restrictions for Ukrainians: how limits will be reduced.

Ukrainian banks are preparing to sign a joint memorandum aimed at the implementation of unified market practices and approaches to client verification and monitoring of financial operations on their accounts. This was reported by several market participants to the agency 'Interfax-Ukraine'.

According to them, the memorandum will provide for a gradual reduction of the monthly transaction limit, after exceeding which, without confirmed client income, enhanced financial monitoring will be conducted.

One of the interlocutors noted that initially a limit of 150 thousand UAH per month may be established from January 1, 2025, and from July 1 it will be reduced to 100 thousand UAH per month.

There are also plans for restrictions not only on card-to-card transfers (P2P transactions), which the National Bank has already limited to 150 thousand UAH per month in one bank, but also on transfers by IBAN code. According to the interlocutor, previous restrictions by the National Bank showed a decrease in the volume of P2P transactions by 5.2 billion UAH, but at the same Time, transfers by IBAN code increased by 4 billion UAH.

Market participants noted that both banking associations - NABU and AUB - are participating in this initiative, and about half of the banks have already approved it. It is expected that most banks will join the memorandum, and it will replace the corresponding regulation of the National Bank, which is in effect until April 1 of the next year.