The EU will use frozen Russian assets for the benefit of Ukraine. The EU is studying its legal options for the use of frozen Russian currency reserves, including their investment to obtain profits that will be directed to Ukraine’s restoration, writes Politico. Unde...
The Government of Ukraine approved a memorandum with the IMF and its G7 creditors – loan guarantees and postponement of debt payments until 2027. The Cabinet of Ministers of Ukraine approved the government’s and the National Bank’s draft letter of intent to the IMF and the draft Memorandum on Economic and Financial Policy. Minister ...
The IMF predicts a challenging year for the global economy. According to the Fund, risks to financial stability have increased. 2023 will be another difficult year, where global growth will slow to below 3% due to the pandemic’s consequences, the war in Ukrain...
Naftogaz Ukraine provided creditors with a working scenario for debt restructuring. During an online meeting with investors, the company proposed a working plan for resolving the situation with 2022 and 2026 Eurobonds. Naftogaz and financial advisor Lazard Frères SAS are currently pr... #Naftogaz #NaftogazBonds #OleksiyChernyshov
The Swiss parliament proposes the allocation of more than €5B for Ukraine. The Committee on Foreign Policy of the National Council of Switzerland has proposed to the Federal Council to submit to the parliament a program of support for Ukraine in the amount of at least 5B Sw... #AidforUkraine #SupportUkraine #SwitzerlandAndUkraine
Ukraine and the IMF have agreed on a four-year, $15.6B program. As the IMF specified, the agreement still has to be approved by the Fund’s Board of Directors in the coming weeks. The program’s goal is to maintain fiscal, external, and financial stabili... #IMFandUkraine #IMFprogramm #ReformsinUkraine
Ukraine’s foreign debts have grown to 90% of GDP, and the balance of payments deficit has increased despite Western aid. Ukraine’s gross foreign debt increased by $2.3B in 2022 and amounted to $132B at the end of last year. Concerning the GDP, the amount of debt increased over the year from 64.6% to 89% of its tot... #foreigndebtsUkraine #nbu #ukrainedebt
Foreign investors can only withdraw interest on Ukrainian government bonds abroad. The National Bank of Ukraine will only allow foreign investors to withdraw interest on OVDPs received after April 1, 2023. The central bank postponed the decision on repatriating the principal amount ... #BondsInterest #BondsUkraine #OVDPselling
The Ministry of Finance has increased revenues from the sale of bonds to UAH 5.6B. On March 21, the Ministry of Finance attracted UAH 5.6B to the state budget at auctions for the sale of military bonds for the domestic state loan, thanks to the placement of currency bonds. According... #BondsUkraine #OVDPselling
Banks in Ukraine can double deposit rates for the public. This will not significantly impact banks, particularly the total cost of funding, according to deputy head of the NBU Kateryna Rozhkova. She notes that in December, hryvnia liabilities in the banking ... #BankDepositsinUkraine #KaterynaRozhkova #nbu
Automatic exchange of financial information between countries has been introduced in Ukraine. The Ukrainian parliament has supported a draft law that introduces two international standards for transparency and information exchange: the general standard for reporting and due diligence on financ... #CRS #EOIR #InformationExchange
The NBU has received a second international Central Banking Award. Ukraine’s central bank received recognition for Initiative in the field of payment and market infrastructure for its work in developing the state remote identification system, BankID. The system prov... #BankIDukraine #nbu
State-owned Ukrgasbank increased its net profit by four-fold. In January-February 2023 Ukrgazbank netted UAH 489M in profit, which is four times more than in January-February last year, the bank reported. It is noted that the volume of net assets increased for J... #Ukrgasbank #UkrgazbankProfits
The IMF has changed their rules to allow a program for Ukraine. The Board of Directors of the International Monetary Fund approved changes in the policy of the Fund’s financial guarantees. This decision will make it possible to approve a new credit program f... #IMFloanforUkraine #IMFprogramm #KristalinaGeorgieva
Since the war, Ukrainian banks have built up reserves and increased profitability. In 2022 the banking sector accumulated UAH 119B in their collective accounts. This is a 35-fold jump compared to the UAH 3.4B accumulated in 2021, according to data from opendatabot. Only 10% of banks... #BankReserves #UkraineBanksProfits #UkrainianBanks
During the war, the EU provided has €50B in aid to Ukraine. In 2022, the EU adopted more than 200 measures to help the state and people of Ukraine and support member states in overcoming the consequences of the Russian Federation’s war against Ukraine, a... #EUaidforUkraine #SanctionsAgainstRussia #SupportUkraine
The National Bank leaves its key policy rate unchanged at 25%. The NBU notes that inflation at the beginning of 2023 is slowing faster than expected but remains high. In February, it declined to 24.9% year-on-year. At the same time, it is noted that the duration ... #InflationinUkraine #KeyPolicyRate #nbu
The IMF will soon announce a four-year program for Ukraine worth $15.6B. The sum is between $14B and $16B, reports the FT. The publication’s source says an announcement about the program will be made in a few days. The IMF is under pressure to provide a more comprehe... #IMFaid #IMFprogramforUkraine
The EU will extend Ukraine’s preferential trade status for a year and plans to pay the second tranche of macro-finance at the end of March. The EU plans to extend for another year the trade protection measures on Ukrainian exports to the EU, known as autonomous trade measures, announced the Deputy Chairman of the European Commission, Vald... #financialaidforUkraine #ValdisDombrovskis
The demand for Ukraine military bonds falls 85%. On March 14, the Ministry of Finance attracted UAH 2.73B to the state budget at auctions for the sale of domestic military bonds. According to the ministry, UAH 6.53M was received from selling annual ... #UkraineBondssale #Ukrainemilitarybonds
The NBU is recognized as the regulator of the year by the Central Banking Awards. For the first time, the National Bank of Ukraine received a title and international recognition for its effective work last year in the war-time conditions. The Central Bank of the Year designation is... #nbu #UkraineBankingSystem
In Ukraine, almost a third of loans are overdue, but banks are in no hurry to go to court. Due to the war, in 2022 the share of NPLs (loans past due within 90 days) in the Ukrainian banking system increased from 34% to 39%, Opendatabot informs. To resolve an overdue loan situation, banks ha... #OverdueLoans #UkrainianBanks
Ukraine expects to receive $5B from the IMF to fund a portion of the budget deficit. Ukraine is confident that the International Monetary Fund will help cover part of the state budget deficit this year. Around $5B is expected to be received, said Oleksiy Ustenko, a member of the Parli... #financialaidforUkraine #imf #UkraineBudgetDeficit
The yield on deposits and loan rates in Ukraine have increased. In February 2023 average bank interest rate on new hryvnia deposits increased to 10.8% per annum from 10.6% a month earlier. According to the NBU, rates on new deposits in foreign currency for Ukraini... #LoanPortfolio #LoansUkraine #UkraineDeposits
The REPO group has frozen $58B in Russian assets, but asset accumulation has slowed. The multilateral Task Force on Prosecution of Russian Elites, Proxies, and Oligarchs (REPO) has blocked or frozen $58B in Russian assets that are restricted in connection with sanctions issued followi... #ReparationsForUkraine #REPOgroup #RussianAssetsArrested
The IMF has started discussing a potential program for Ukraine. On March 8, the IMF mission, led by Gavin Gray, began its work to discuss a potential program for Ukraine with Ukrainian government representatives. Ukraine Prime Minister Denys Shmyhal emphasized tha... #DenysShmyhal #GavinGray #IMFprogramforUkraine
The EBRD is preparing a €200M loan for Ukrainian Railways (UZ). The European Bank for Reconstruction and Development will grant UZ an emergency support loan under sovereign guarantees of €200M. The bank’s board of directors plans to consider the related proj... #EBRDloan #UkrainianRailways
MIGA will provide three Ukrainian state banks with up to $10M in guarantees for EBRD trade financing. The Multilateral Investment Guarantee Agency (MIGA), as part of a joint project with the European Bank for Reconstruction and Development (EBRD), will provide state-owned Ukrgasbank, Ukreximbank, and ... #MIGA #OschadbankUkraine #Ukreximbank #Ukrgasbank
MIGA has launched a trust fund to support Ukraine’s reconstruction and economy – the first $23M has been provided by Japan. The fund, SURE, is a new initiative to solve humanitarian problems and support economic activity and recovery in Ukraine. MIGA expects the fund to grow to $300M with contributions from additional dono... #InvestmentsinUkraine #MIGA #SURE #UkraineRecovery
The National Bank’s reserves decreased by $1B and total $28.86B. The NBU reports that reserves decreased by 3.5%, or $1.06B, in February due to the sale of foreign currency to cover the difference between supply and demand in the foreign exchange market. In Februar... #BankReserves #nbu #UkraineInternationalReservs
Banks’ demand for “reserve” OVDP bonds has allowed the Ministry of Finance to attract UAH 16B to the budget. According to Ministry of Finance data, UAH 61.74M was received from the sale of annual hryvnia bonds at 18.5% per annum. In addition, the Ministry placed bonds with a 20-month maturity for UAH 14.2M a... #BondsUkraine #nbu #OVDPselling
World central banks are aggressively buying gold. Central banks worldwide added another 31 tons of gold to their reserves in January, increasing their purchases by 16% compared to December 2022. According to the World Gold Council, Turkey bought 23 t... #GoldReserves #WorldCentralBanks
The Ukrainian Parliament approved an anti-corruption program for 2023-2025. The program contains measures aimed at increasing the government’s efficiency in preventing corruption in various spheres of public life, forming a negative attitude towards corruption in societ... #anticorruptionreforms #CorruptionUkraine #DenysShmyhal
Ukraine’s national debt increased to $116.4B, and the budget deficit to UAH 161B. Ukraine’s state and state-guaranteed debt as of January 31 2023 amounted to UAH 4.258.2T or $116.4B. According to the Ministry of Finance, the amount of debt increased during January in hryvnia,... #UkraineBudgetDeficit #UkraineNationalDebt
The Ministry of Finance paid off 1-year military bonds worth more than UAH 27B. On March 1, the Ministry of Finance paid off 1-year military OVDP bonds worth more than UAH 27B, issued at OVDP auctions on March 1, 2022. The ministry reminded observers that a year ago, at the first... #BondsUkraine #Ukrainemilitarybonds
The Ministry of Finance has raised bond rates and placed securities for UAH 13.8B. The Ministry of Finance raised UAH 13.77B for the state budget from the sale of military bonds on February 28. According to the Ministry of Finance, from the sale of 9-month hryvnia bonds, the state a... #BondratesUkraine #UkraineBondssale
Ten Ukrainian banks provided 95% of the banking industry’s profits. According to 2022’s results, most banks in the country stood their ground, and some even managed to improve their performance compared to 2021, Opendatabot informs. The total bank profit last year was... #PrivatBank #UkraineBanksProfits #UkrainianBanks
Janet Yellen arrived in Kyiv to reinforce the US’ support for Kyiv. US Treasury Secretary Janet Yellen made an unannounced trip to Ukraine to reinforce Biden’s administration support and highlight the economic aid helping keep the embattled nation’s schools, hospitals... #JanetYellen #UkraineBudgetDeficit #USfinancionaidforUkraine
The National Bank is updating its strategy in response to the protracted war. The National Bank of Ukraine has started forming a revised strategy that considers the transition to a “protracted war phase” and the need for further recovery, said the head of the NBU, A... #AndriyPishnyi #nbu #NBUstrategy
The Ukrainian Prime Minister has revealed the new IMF program’s details. The Ukrainian authorities want to start a new program with the International Monetary Fund in the first quarter of this year. It will consist of two parts: immediate financial support during the war, ... #DenysShmyhal #IMFprogramforUkraine #UkraineRecovery
The United States will provide Ukraine with $2.5B for state services. On February 24, the World Bank Group announced additional grant funding for Ukraine in the amount of $2.5B. This is direct budgetary support for the Ukrainian government, which will be provided to ens... #financialaidforUkraine #WorldBankGroup
The G7 countries have committed to increasing financial aid to Ukraine to $39B in 2023. In December, the G7 nations pledged $32B in financial support for Ukraine, and now it’s $39B, the G7 finance ministers said in a statement. This commitment gives Ukraine confidence and allows au... #financialaidforUkraine #G7supportUkraine #SanctionsAgainstRussia
The G7 countries will assist Ukraine in securing a $15B loan from the IMF. According to Bloomberg, the IMF has been actively discussing the program with the US Treasury Department in recent days. US Treasury Secretary Janet Yellen said at the G20 summit that the US supports ... #financialaidforUkraine #IMFprogramforUkraine #JanetYellen
The IMF is ready to provide significant economic support to Ukraine. The aid will be delivered within the framework of a new full-fledged loan, IMF managing director Kristalina Georgieva said after a visit to Kyiv. She praised Ukraine’s efforts to transform the e... #financialaidforUkraine #IMFcreditProgram #KristalinaGeorgieva
The head of the IMF came to Kyiv to discuss a $15B loan program. On February 20, the managing director of the International Monetary Fund, Kristalina Georgieva, visited Ukraine. During a meeting with President Volodymyr Zelenskyy, she said that she follows the even... #IMFprogramforUkraine #KristalinaGeorgieva #UkraineBudgetDeficit
The EBRD and MIGA join forces in covering trade finance risk in Ukraine. The European Bank for Reconstruction and Development (EBRD) and the Multilateral Investment Guarantee Agency (MIGA) have signed a landmark first co-financing agreement, under which MIGA will issue up ... #ebrd #HiroshiMatano #MIGA #OdileRenaudBasso
Ukrainians prefer foreign currency savings despite the interest growth rate on hryvnia deposits. The yield on bank deposits has grown for the hryvnia in recent months. And in January, according to the NBU, hryvnia deposit interest rates rose by 0.1% up to 12.2% per annum. Foreign currency deposit... #ForeignCurrencyDeposits #hryvniadevaluation #UkraineDeposits
The Ministry of Finance sold UAH 9.5B in bonds and lowered rates on two-year securities. On February 21, the Ukraine Ministry of Finance auctioned military bonds for UAH 9.5B. The agency also placed OVDP bonds with a maturity of 9 months at 15% and attracted UAH 535M. It was possible to a... #UkraineBondssale #Ukrainemilitarybonds
The IMF sees grounds for preparing a full credit program for Ukraine. Ukraine and IMF experts agreed on revising the Monitoring Program with the participation of the Board of Directors. This will pave the way for the start of discussions on a full-fledged program suppor... #IMFprogramforUkraine #KristalinaGeorgieva
The US will transfer $9.9B to Ukraine’s budget. The US government plans to transfer $9.9B that has been approved by Congress to Ukraine in the coming months for budget support, said Daphne Rand, director of the US State Department’s Office of... #DaphneRand #UkraineBudgetDeficit #USfinancionaidforUkraine
