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Economy

Friday, January 21

National Bank raises the discount rate to 10%. The Board of the National Bank of Ukraine has decided to increase the key policy rate to 10% per annum. As many of the pro-inflationary risks have materialized, tighter monetary policy is needed to im...

Ukraine expects to receive UAH 8B from privatization. “We expect to attract up to UAH 8B ($280M) to the state budget this year,” said Prime Minister Shmygal said. According to him, in 2021, the state budget received UAH 5.4B ($193M) from smal...

Turkish investors are interested in setting up a soda ash plant in the Donetsk region. This is because Ukraine may have the second most modern soda plant after Kazakhstan. According to the Turkish Business Association, one of the Turkish Investments companies is interested in the develo...

Antonov will buy a vacuum furnace from Poland’s Seco / Warwick for €1M. The Polish company Seco / Warwick SA won the tender to supply a vacuum thermal furnace to the state enterprise, Antonov, with a bid of €960,000, according to GMK Center. The Polish company must supply...

The export share of IT services in 2021 increased by 4.8%. According to the Executive Director of the IT Ukraine Association, Kostiantyn Vasyuk, the volume of Ukrainian IT exports in 2021 was $6.8B (in 2020 it was $5B). At the same time, the share of IT in th...

Foreign tourists spent $929 on average in Ukraine in 2021. The average cost for foreign tourists in Ukraine in 2021 was $929, and the average visit time was 7-9 days, announced the State Agency of Tourism. The largest average expenditure among travelers was b...

Ukraine increased scrap exports 17 times. In 2021, Ukrainian enterprises increased their scrap exports 17.2 times compared to 2020 – to 615.7 thousand tons. In monetary terms, scrap supply abroad increased 25.2 times to $238.9M. In Dece...

Thursday, January 20

Bankers expect the NBU to raise rates to 9.5%. According to most bankers interviewed by Interfax-Ukraine, on January 20, the National Bank of Ukraine (NBU) might increase the discount rate by 50 basis points (bp) to 9.5% per annum. “Increase...

The US will provide an additional $300M for Ukraine in 2022. The United States will continue to support Ukraine and provide an additional $300M in 2022, told US Secretary of State Antony Blinken during his visit to Kyiv. “We will continue to support defen...

Gas prices force glass producers to shut down production. Recently, three glass manufacturers have stopped production completely, and the rest have entered the stage of production downtime to prevent the complete shutdown of furnaces. The reason is that gas ...

Ukravtodor will attract state guarantees for UAH 20B. The Cabinet of Ministers has allowed the state road agency Ukravtodor to secure loans under state guarantees of up to UAH 20B ($714M) with a loan term of 15 years. In total, Ukravtodor plans to raise ...

In 2021, Ukroboronprom received over $1B from FEA. Revenues from foreign economic activity (FEA) of all Ukroboronprom enterprises in 2021 amounted to $1.1B, which is $127.6M more than in 2020. It is noted that $608.4M was received from special project...

A Portuguese company plans to build a building materials plant in Vinnytsia. The Portuguese company TISIES (TCS) has confirmed its intention to set up a building materials plant in Vinnytsia, with a planned investment of €33M. The area of the plant’s production facilitie...

Wednesday, January 19

Antony Blinken heads to Ukraine and Germany. During his visit to Kyiv, the US Secretary of State Antony Blinken will hold meetings with Ukrainian President Volodymyr Zelensky and Ukrainian Foreign Minister Dmytro Kuleba on January 19, announced ...

The UEE sold 3.1M cubic meters of unprocessed wood. In 2021, 3.14M cubic meters of unprocessed timber were sold on the Ukrainian Energy Exchange (UEE) website with a total value of UAH 7.91B ($285M). “The number of participants accredited for bidding i...

The State Financial Monitoring Service (SFMS) detected suspicious transactions worth UAH 135.4B ($4.82B) . In 2021 the SCFM sent 1,170 cases to law enforcement agencies. In those cases, the number of financial transactions that may be related to money laundering and the commission of a criminal offense w...

State Enterprise Yuzhnoye has developed a pulsed radiation generator to counter drones. As part of creating a means to combat crewless aerial vehicles, the Design Bureau has produced a pulsed electromagnetic radiation generator. During field tests in 2021, the UAV’s electromagnetic...

Denmark will allocate €22M to Ukraine for defense. Ukrainian Minister of Foreign Affairs, Dmytro Kuleba, said on Twitter that Denmark would allocate additional funds to strengthen the defense capability of our country. The assistance is aimed at enhan...

Zelensky invited Shevchenko to work in Ukraine. President of Ukraine Volodymyr Zelensky has invited Ukrainian football player and coach Andriy Shevchenko, who was previously fired from Genoa’s Italian football club, to work in Ukraine. “Come ...

15M Ukrainians received the first dose of the Covid vaccine. More than 15M people have received at least one dose of the coronavirus vaccine in Ukraine, announced the Ministry of Health. Since the beginning of the vaccination campaign in Ukraine, 15,220,924 peo...

Tuesday, January 18

The EU and the US have abandoned the sanction option of disconnecting Russia from SWIFT, the Handelsblatt newspaper reported on Monday. According to the publication, the possibility of disconnecting Russian banks from SWIFT was too painful for the initiators of possible new sanctions. Thu...

After returning from a diplomatic tour, Ex-president Poroshenko appeared in court. On January 6, the Pechersk District Court of Kyiv considered the prosecutor’s request and decided to seize Poroshenko’s property, which belongs to him on the right of ownership according t...

The government websites affected by the cyber-attack are already working. By Friday night, almost all sites affected by the cyber-attack on state information resources had resumed operations, announced the Ministry of Internal Affairs. The investigation and work on the rest...

More than 70% of Ukrainian companies plan to raise wages in 2022. Most managers of Ukrainian companies (70.3%) plan to increase employee compensations in the next 12 months. Another 28.1% predict that salaries will remain at the current level, and only 1.6% plan to ...

Salaries of Ukrainian IT specialists increased by one third. The median salary of IT professionals rose to $3,300 (after tax) per month as of December 2021 against $2,500 in December 2020 (up 32%), reported dev.ua. In particular, the salary of a system architec...

Monday, January 17

The Ukrainian government was targeted in a cyberattack on Friday. Hackers targeted the Ukrainian government with threatening text warning Ukrainians to “be afraid and wait for the worst” and alleging their personal information has been hacked. Ukraine cl...

White House Offers Support to Ukraine Following Cyberattack. On Friday, the White House reached out to Ukraine to offer its support after several Kyiv government agencies suffered a cyberattack as tensions simmered between Russia and Ukraine. A White House Nati...

Highlights of Volodymyr Zelensky’s meeting with President of Azerbaijan Ilham Aliyev . The Ukrainian and Azerbaijani presidents discussed several future collaborations and signed several bilateral documents. Ukraine and Azerbaijan agreed to intensify cooperation in the field of intern...

Canadian foreign minister to visit Ukraine. According to Reuters, Canadian Foreign Minister Melanie Joly will visit Kyiv this week to reaffirm support for Ukrainian sovereignty and reinforce efforts to deter “aggressive actions” by ...

The National Bank expands the conditions for foreign exchange transactions. From January 15, the Bank will expand the range of intermediaries with which residents can make payments in foreign currency on the secondary market of IGLBs, non-banking institutions, or investment f...

The NBU introduces tariffs for BankID participants. From February 1, 2022, the NBU BankID System will introduce tariffs for services provided to subscribers for connection and use. Given this, the introduction of system subscriber tariffs for services ...

Ukrposhta seeks five members for Supervisory Board. Competitive selection for five positions of independent members of the supervisory board of Ukrposhta has been announced by the Ministry of Economy. A member of the supervisory committee must have pro...

A visa-free regime for citizens of Britain and Northern Ireland was extended. Ukrainian President Volodymyr Zelensky has extended the visa-free regime for entry into Ukraine and transit through Ukrainian territory for citizens of Great Britain and Northern Ireland. The visa-fre...

Friday, January 14

Ukraine’s new program of cooperation with the IMF. After completing a joint stand-by program with the International Monetary Fund (IMF) in the summer of 2020, Ukraine intends to continue the partnership under a new program, said The Prime Minister, De...

Germany calls the Normandy four meeting session to de-escalate tensions at Ukraine’s borders. The German Chancellor, Olaf Scholz said that a new meeting with the Norman format (Ukraine, Germany, France, and Russia) would be held soon. “Our common task is to do everything to achieve the d...

Ukrgazvydobuvannya has increased the production from old wells. In 2021, State-owned gas producer Ukrgazvydobuvannya increased gas production from old wells by 67 M cubic meters due to capillary systems. Due to new technology, the company increased gas production ...

Zelensky has signed into law the localization in mechanical engineering. President Volodymyr Zelensky has just signed a law requiring the presence of a Ukrainian component in the public procurement of engineering products. According to the co-author of the law Dmytro Kysyl...

The immigration permit procedure is simplified for foreign IT specialists. The Cabinet of Ministers has approved a bill that would improve the mechanisms for granting immigration permits, to simplify the process for giving immigration permits to foreign highly qualified IT s...

Thursday, January 13

Zelensky’s administration intends to launch the “Ukrainian Dream” program with a low mortgage rate. The state program tagged the “Ukrainian Dream”, with a mortgage rated at 5% per annum, will be launched between January-March 2022, said Deputy Head of the office of The President, Rostysl...

Global Economic Growth will slow through 2023 . Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid new threats from COVID-19 variants, a rise in inflation, debt, and an income inequality that could endan...

Prices across all industries in Ukraine have increased drastically, as reported by The State Statistics Services. The prices for industrial products increased by an average of 62.2% in December 2021, as against December 2020. Industrial products sold within Ukraine ro...

Ukraine’s public debt will be reduced to 50.8% of GDP. The government of Ukraine plans to reduce its public debt to 50.8% of GDP in 2022, stated The Prime Minister, Denis Shmygal. Ukraine’s government priorities are to continue working with the IMF and to...

Naftogaz will spend up to UAH 200 M on solar power plants. The State company will allocate up to UAH 200 M ($7.27 M) to install small solar power plants in Donetsk, Luhansk, and Kherson regions. By its order adopted on January 12, the government obliged Nafto...

Ukraine plans to sign four free trade agreements. The Prime Minister of Ukraine, Denis Shmyha announced that, in 2022, free trade agreements are expected to be signed with four countries, and preparations for signing an “industrial visa-free...

The Export Credit Agency will develop trade with Turkey. The Export Credit Agencies of Ukraine and Turkey signed a memorandum of cooperation that defines the principles of collaboration between institutions to expand exports of goods and services of both co...

In 2021, UZ received UAH 457.5 M in net profit. The Ukrainian Railways (UZ) through its press service said that it has received the sum of UAH 457.5 ($16.5 M) as net profits against almost UAH 12 B ($436 m) as a net loss in 2020. The revenue amount...

The doctor’s minimum wage was raised to UAH 20,000. The Cabinet of Ministers has decided to raise the minimum salaries for full-time doctors to UAH 20,000 ($ 730). For paramedics (specialists with primary / first level of higher medical education) unde...

Ukraine seeks G7’s help in liberalizing international road freight transport. The Minister of Infrastructure, Alexander Kubrakov said that the ministry is counting on the assistance of the G7 countries in launching a negotiation process on the liberalization of international ro...

Ukrainians imported 500,000 used cars. In 2021, more than half a million cars with mileage were registered in Ukraine. Last year was a record year for the number of used car registrations. Therefore, just in December 2021, about 47.3 thous...

Wednesday, January 12

The US Authorized $200M on Security Aid to Ukraine. Earlier this month, the White House administration quietly announced its decision to the US Congress. Another source told CNN that the additional $200 M in security aid to Ukraine is not substantial e...

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