The Council of the National Bank of Ukraine (NBU) at a meeting on April 25, 2013 approved some recommendations to the NBU's board, including on placing restrictions on cash transactions.

"In order to improve cash payments and stimulate the reduction of the share of cash outside banks the NBU is recommended to take measures to set a limit on the sum of cash payments between companies (businessmen) and individuals, as well as cash payments of individuals between each other under sale and purchase agreements, which are to be endorsed by notaries," reads a posting on the NBU's Web site.

As reported, the setting the limit for cash payment at UAH 150,000 is being discussed, and a decision could be made in the near term.

In addition, the NBU Council recommended that the board continue work on improving the interest rate mechanisms for regulating the monetary and credit market and drawing up and introducing additional measures to support the country's economic growth.

The NBU Council also said that the implementation of the monetary and credit policy in January-March 2013 allowed the fulfillment of the main constitutional function of the NBU - to ensure the stability of the national currency of Ukraine.

"The situation on the current market was predictable. The hryvnia exchange rate to the U.S. dollar on the interbank currency market in January-March 2013 fell by 0.56%, to UAH 8.0974/$1… The Stability of the national currency of Ukraine promoted growth in the trust of businessmen in it," reads the report.

The next meeting of the NBU Council is scheduled for September 2013.