Ukraine Central Bank Suspends E-money Issuers, Limits Cash Withdrawals

Ukraine bank limited cash withdrawals

Following the declaration of martial law, Ukraine’s central bank temporarily suspended the country’s currency market, limited cash withdrawals, and prohibited the issuance of foreign currencies to the general public.

Cash withdrawals were capped at 100,000 Ukrainian hryvnias per day, or about $3,339.13 USD. The central bank also announced that the official exchange rate would be set for Thursday.

The Central Bank ordered “to suspend e-money issuers, replenish e-wallets with e-money, and distribute e-money to e-money issuing banks.” In this context, e-money most likely refers to fiat currency in digital forms, such as that held in a PayPal account or a cash app digital bank.

Separately, the PFTS Stock Exchange in Ukraine said Thursday’s trading would be postponed due to emergency events.

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