The financial market includes the money market, the capital market, and the FX market. The NBU operates in the financial market to achieve monetary policy goals. We offer loans to banks, place our certificates of deposit, and buy and sell securities and foreign currency. This is how we influence the value of money and manage inflation through the transmission mechanism.
The banks, nonbank financial institutions, and postal operators are allowed to sell cash foreign currency to the public.
In addition, the banks can sell cashless foreign currency to people online (through mobile apps):
within the equivalent of UAH 50,000 per bank per month without confirming the grounds for making the transaction
within the equivalent of UAH 200,000 per bank per month, on the condition that the purchased amount is then used to make an irrevocable deposit for three months or longer. After the deposit matures, the buyer can freely use the money.
The exchange rate for such online transactions is set by the bank. It is usually closer to the official rate than is the rate used when buying cash foreign currency at a bank counter.