NBU limits businessmen’ bank accounts on personal needs

09.01.2020 | Legal

The National Bank of Ukraine of Ukraine (NBU) has restricted spending funds from business accounts of businessmen on personal needs.

“All types of settlement and cash transactions are carried out with current accounts opened for the national currency by private entrepreneurs engaged in independent professional activities, in accordance with the terms of the contract and the legislation of Ukraine, except for transactions related to personal needs,” the NBU said in NBU resolution No. 162 dated December 27, 2019, which was posted on the central bank’s website on January 2 and entered into force on January 3.

Thus, in accordance to the NBU’s resolution, only after paying all taxes, fees and other payments prescribed by law, businessmen can transfer funds from business accounts to personal accounts, after which they can use the money for their own needs.

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