The National Bank of Ukraine has imposed restrictions on early withdrawal of deposits from commercial banks.

This is stated in the NBU’s resolution No. 319 of October 11, a text of which Ukrainian News obtained.

In particular, the NBU ordered commercial banks to fulfill their obligations on all types of agreements involving deposits in all currencies only at the end of the agreements, regardless of the category of deposits, explain the situation to their clients in order to prevent early withdrawal of deposits, and actively encourage placement of cash in deposit accounts and extension of deposit agreements.

The resolution also states that payments are to be made immediately after deposit agreements expire.

Moreover, the National Bank of Ukraine ordered commercial banks to ensure uninterrupted operation of their ATMs and put cash in them in order to ensure prompt payment of wages, pensions, stipends, and social benefits as well as to dispense cash on payment cards issued by other banks.

The National Bank of Ukraine adopted this resolution because of the need to neutralize the effect of the global financial crisis, ensure stable operation of the banking system, and protect the interests of depositors and other creditors.

The resolution came into effect on October 13.

As Ukrainian News earlier reported, President Viktor Yuschenko met with the National Bank of Ukraine’s Chairman Volodymyr Stelmakh and bankers on October 10 to discuss the financial and economic situation in Ukraine.

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