Ukraine: less cash, more cards and bank transfers, please | beyondbrics

"Many Ukrainians may in for a rude shock when they return from this year’s summer holidays – thanks to a new central bank rule revealed this week.

As of September 1, hard currency cash transactions will be capped at the equivalent of $19,000. Transactions above this amount will need to be settled through banks transfers, payment cards and other electronic means.

Having long ago grown accustomed to carrying multiple plastic cards in their wallet, and wire transfers and online banking for most settlements, the average European or American may ask: what’s the big deal?"

'via Blog this'