Inhabitants of Ukraine are about to loose the opportunity to use foreign currency credit cards
All settlements on foreign currency credit cards, issued by Ukrainian banks, can be stopped at any moment.
Now management of banks think, whether to stop issuing of credit cards in dollars and euro or not. On the one hand, the law forbidding foreign currency private lending, has already come into force, and now such loans are illegal. On the other hand, if customers, who got their foreign currency credit cards before currency lending prohibition, could not use them, it would arouse indignation among customers and mass claims to banks.
The Association of Ukrainian banks (AUB) on the initiative of some banks has already warned the National bank of Ukraine (NBU) about this problem.
“In the inquiry to NBU we pay attention that the law has no retroactive effect: all foreign currency and multiple currency credit cards which have been issued till November 24, cannot be put under the restrictions of the Act on foreign currency private lending prohibition“, – Irene Samoiliva, Head of Department for supervision and regulation of bank activity of AUB underlines.
Foreign currency private lending is forbidden in Ukraine till 2011. Such restrictions are set by the Act “On modification of some Acts of Ukraine in order to overcome negative effects of the financial crisis” which has come into force on November 24, 2009.