National Bank of Ukraine: Billions are circulating outside of the banking system in Ukraine
The amount of cash outside of the banking system is about 300 billion hryvnia ($11.48 billion USD).
UNIAN reports that the Acting Head of the National Bank (NBU), Yakov Smolii, announced this during a meeting of the Verkhovna Rada Committee on Financial Policy and Banking Activity.
"At the current time, there is cash of about 300 billion UAH outside of the banking system," he said.
At the same time, Smolii stressed that such a large amount of cash increases the burden on the National Bank, which is tasked with ensuring the issuance and circulation of money.
Part of this cash supplies the shadow economy," said the Head of the NBU , noting that to resolve this issue, it would be necessary to speed up the adoption of bills under the umbrella of «Cashless», a project to reduce the share of cash in circulation.
In particular, he named bills No. 5361-d on the regulation of the transfer of funds, No. 4111 on the liberalization of cash settlements, and No. 4658 on simplification of the use of registers for settlement transactions.