Ukraine limits foreign exchange and currency withdrawals

[TreasureHunter]

Rumours: Ukraine's national bank limits the amount of foreign currency exchanged per day to 200 USD/person/day.

ATM withdrawals have also been limited by various banks - some limited it to 100 USD!

Terrible news. And this could happen elsewhere too!



Older news on Zerohedge and other pages (from earlier this year)...

http://www.zerohedge.com/news/2014-...argest-bank-limits-cash-withdrawals-100-daily

http://www.zerohedge.com/news/2014-03-03/unicredit-temporarily-limits-atm-withdrawals-ukraine

http://www.zerohedge.com/news/2014-...-controls-limits-foreign-currency-withdrawals

http://blogs.wsj.com/emergingeurope/2014/02/21/ukraine-banks-limiting-cash-withdrawal/

 

[galifreyan_guy]

If everyone in Australia all went to the bank this week and asked for a complete withdrawal I bet they would do the same here.

 

[willrocks]

If everyone in Australia all went to the bank this week and asked for a complete withdrawal I bet they would do the same here.

By my estimates if everyone in Australia went to their bank to withdraw $2500 it would more than deplete cash reserves of the banking system. Probably as little as $500 - $1000 would do it.

 

[Dabloodymess]

Rumours: Ukraine's national bank limits the amount of foreign currency exchanged per day to 200 USD/person/day.

ATM withdrawals have also been limited by various banks - some limited it to 100 USD!

Terrible news. And this could happen elsewhere too!

A good monthly wage in Ukraine is a measly $1000. So while I am against any controls such as this, the average person in Ukraine wont be badly affected. They wouldnt have been taking out more than 100-200 at any given moment anyway.

 

[dragafem]

if they smart enough they would not even use them banks when situation still going on...

 

[spannermonkey]

Old news Ukraine's like Russians don't use banks
And would store 90% of their wealth under the mattress

 

[C.H.]

May be was true 20 years ago, not so much now.
These limits, plus local currency (grivna) which keep falling will get them bad.

A lot of people need to exchange way bigger amounts than $200 for multiple purposes.
I guess the black market is flourishing like in the '90s.

A $100 ATM withdrawal limit is an almost guaranteed bank run/bank insolvent.
I pity the savings of Ukrainians.

 

[renovator]

If everyone in Australia all went to the bank this week and asked for a complete withdrawal I bet they would do the same here.

By my estimates if everyone in Australia went to their bank to withdraw $2500 it would more than deplete cash reserves of the banking system. Probably as little as $500 - $1000 would do it.

I remember seeing a statistic a couple of years ago saying that only 5% of australians have more than $5K in the bank .

 

[hussman]

^ I think I remember that. But I doubt it to be true. Unless proven otherwise.

But come to think of it, there are some people I know that do live paycheck to paycheck.

 

[sammysilver]

Many businesses are running in the red and trading insolvently. Robbing Peter to pay Paul. Every couple of years they increase their overdraft from the increased value of their home.

Been there, done that.