The National Bank of Ukraine (NBU) has temporarily obliged the conversion into hryvnias of currency remittances sent to individuals to Ukraine worth over UAH 150,000.

The decision is stipulated in NBU resolution No. 476 of November 16, which was published in official media on November 17: the resolution takes effect ten days from the moment of its official publication.

"A requirement is set to oblige the sale of remittances in foreign currency from other countries to individuals (residents and nonresidents) worth the equivalent of UAH 150,000 per month on the interbank market," reads the resolution.

The requirement on the obligatory sale of remittances applies to remittances sent in foreign currency of the first group of the NBU's classifier, and in Russian rubles.

The central bank also said that banks are to sell foreign currency without an order of clients and no later than the next working day after the funds arrive at an analytical account.

Banks are to enter the hryvnia equivalent to the current account of recipients no later than next working day from the day of the obligatory sale of foreign currency.