The National Bank of Ukraine (NBU) has announced a new policy allowing the exchange of cashless currency from various Ukrainian banks for cash. This decision comes in response to the recent detention of cash transport personnel from Oschadbank in Hungary.
On March 6, the NBU indicated that it would facilitate cash exchanges as needed to support the liquidity of banking institutions. The frequency and volume of these operations will depend on the banking system’s demand for cash liquidity.
“This preventive measure will maintain cash liquidity at an adequate level to meet the needs of Ukrainians,” stated the NBU.
Currently, the NBU reports that the cash currency situation in the market remains stable, with banks holding sufficient cash reserves similar to last year’s levels.
“However, the illegal seizure of Oschadbank’s cash transport vehicles in Hungary may cause logistical challenges in delivering cash from abroad,” the bank noted.
Details surrounding the detention of Oschadbank employees in Hungary emerged when Ukrainian Foreign Minister Andrii Sybiha announced that seven bank workers were apprehended while transporting cash from Austria on March 6.
Oschadbank confirmed that their personnel had gone missing, along with the cash transport vehicles and valuables. GPS data indicated that the vehicles were located in central Budapest, near a Hungarian security agency.
The bank clarified that its employees were transporting money and valuables under an international agreement with Austria’s Raiffeisen Bank, following established international transport regulations and European customs procedures. The total value of the cargo included $40 million, €35 million, and nine kilograms of gold.
Sources informed the media that the seized vehicles are currently held at a secure location of the local Anti-Terrorism Center.
The Hungarian National Tax and Customs Administration later confirmed the detention of the seven Ukrainians on suspicion of money laundering, stating that the Hungarian authorities promptly informed the Ukrainian consulate about the investigation.
The Ukrainian Ministry of Foreign Affairs condemned the actions of Hungarian law enforcement as “arbitrary” and advised Ukrainian citizens to avoid traveling to Hungary due to safety concerns.
NBU Governor Andrii Pyshnyy announced that a team from the bank would urgently travel to Budapest to clarify the situation regarding the detention of Oschadbank’s cash transport teams. All seven Ukrainians have since been released and have crossed back into Ukraine.
Pyshnyy emphasized that the transport of currency values by Ukrainian banks adheres to international standards, with all accompanying documents for the shipment from Austria to Ukraine compliant with the Customs Code. Oschadbank holds a valid license for international transport.
The National Bank of Ukraine has implemented measures to exchange cashless currency for cash in light of the detention of Oschadbank employees in Hungary. The situation is being closely monitored as all detained personnel have been released and returned to Ukraine.