Ukrainian-founded crypto exchange platforms lead to billions in losses for the state budget. In the last ten years, the state budget has not received at least UAH 3B in taxes from crypto exchange activities, whose operations have not yet been regulated in Ukraine, said the Economic Security B... #BureauofEconomicSecurity #CryptoExchanges #TaxesUkraine
Ukraine expects at least $37B in international aid in 2024. In 2023, Ukraine expects $42B in international assistance, and next year it expects at least $37B, said the head of the NBU, Andriy Pishnyi, during an interview for ICTV. He says Ukraine’s budge... #AndriyPishnyi #financialaidforUkraine #nbu #UkraineBudget #UkraineBudgetRevenue
The volume bad loans decreased by UAH 7B in the year’s first half. The amount of non-performing loans (NPL) in the banking sector as of July 1, 2023, was UAH 425B, which is UAH 7B lower than the figure on January 1, reported the National Bank. At the same time, the s... #BankLoans #LoansUkraine #nbu #NPL
In July, the Ministry of Finance collected $5.3B in revenue. Since the beginning of the year, the Ministry of Finance has gathered more than $28B for the budget, and in July alone, $5.3B. Grant funds compose about 25% of the total financial assistance. Among th... #financeUkraine #financialaidforUkraine #SupportUkraine #UkraineBudgetRevenue
Ukraine’s national debt increased by $3.2 billion in June. The state’s and state-guaranteed debt of Ukraine as of July 1 amounted to $128.8B, increasing in June by $3.2B, reported the Ministry of Finance. According to the latest estimates, Ukraine’... #NationalDebt #StateDebtUkraine
The National Bank cuts the key policy rate to 22%. The Board of the National Bank of Ukraine has cut the key policy rate from 25% to 22%, effective 28 July, 2023. Rapid disinflation and sustained stability in FX market conditions has enabled the centr... #CurrencyRestrictions #financeUkraine #InflationinUkraine #KeyPolicyRate #nbu
The NBU improves its GDP forecast for this year but lowered it for 2024. The national bank expects the Ukrainian economy to grow by 2.9% this year compared to the previous forecast of 2%. The further recovery of Ukraine’s economic activity will be facilitated by the ... #GDPinUkraine #nbu #UkraineEconomicActivity #UkraineEconomy
Ukrainian banks plan to ease lending for businesses and the public. In the third quarter of this year, banks plan to ease lending conditions for small and medium-sized businesses, reported the National Bank of Ukraine. The central bank made this decision in response t... #financeUkraine #LendingInUkraine #LoansUkraine #nbu
The EBRD expands cooperation with Ukraine’s KredoBank. The EBRD is supporting food security and other critical industries in wartime Ukraine with a new risk-sharing agreement for KredoBank and opening a TFP limit for guarantees and cash advances to enhanc... #ebrd #financeUkraine #KredoBank
Ukraine’s GDP growth in the last 12 months increased by 20%. Ukraine’s GDP growth in the second quarter of 2023 compared to the second quarter of 2022 was about 20-21%, reported the Institute for Economic Research and Policy Consulting (IER). In the month... #GDPinUkraine #UkraineEconomy #UkraineIndustry #UkraineRecovery
The number of loans taken out with state guarantees doubled in June. In June, banks issued 2,116 loans under the state guarantee program on a portfolio basis, which is over 100%, or 1,129 loans, more than in May, reported the Ministry of Finance. The volume of issued l... #CreditPortfolio #financeUkraine #LoansUkraine
Ukraine has completed the nationalization of Sense Bank. Ukraine’s Ministry of Finance completed the nationalization of Sense Bank JSC from foreign stakeholders controlled by Russian businessmen, including Mikhail Fridman and Petr Aven. Sense Bank was... #AlfaBank #MykhayloFridman #NationalizationOfBank #PetroAven #SenseBank
The NBU might allow a flexible exchange rate for the dollar even before the end of the war. According to the Deputy Chairman of the National Bank, Serhii Nikolaychuk, last week the strategy of softening currency restrictions, a transition to a flexible exchange rate, and a return to inflatio... #CurrencyRestrictions #hryvniaexchangerate #nbu #SerhiiNikolaychuk
Ukraine has nationalized Sense Bank, the former Alfa Bank. The National Bank of Ukraine has decided the financial institution will become the state’s property. The bank had been the largest bank in Ukraine, which belonged to sanctioned Russians, namely ... #AlfaBank #MykhayloFridman #NationalizationOfBank #PetroAven #SenseBank
Fitch has confirmed the likely default of the Ukrainian energy company. The Fitch Ratings agency confirmed the long-term default rating for the NEC Ukrenergo electricity system company at the CC level (probable default) and the priority unsecured rating of its $825M in st... #FitchRatings #UkraineEnergy #Ukrenergo
The National Bank says that currency restrictions are losing their effectiveness and restraining economic activity. According to Volodymyr Lepushynskyi, director of the Department of Monetary Policy of the NBU, the disadvantages of this mechanism has begun to exceed the advantages. He added that fixing the exchange... #CurrencyRestrictions #financeUkraine #nbu
The EBRD provides a €20M guarantee to a Ukrainian leasing company to support food security. OTP LEASING will use a guarantee from the EBRD to provide €80M in financing that will support food security and other critical sectors, the EBRD noted. The guarantee will allow OTP LEASING to support ... #EBRDinvestments #OTPbank #OTPleasing #UkraineInvestments
Ukraine’s Eurobonds value reached their maximum since the beginning of the war. The value of the Eurobonds of Ukraine jumped by an average of 13% last week and reached the maximum values since the beginning of the full-scale war. According to Western analysts, the quotations of d... #EuroBondsUkraine #financeUkraine #GDPWarrantsUkraine
The EU is arguing over the mechanism of using the Russian Federation’s frozen assets for Ukraine’s reconstruction of Ukraine. Differences of opinion arose between the European Commission and the European Central Bank regarding the use of profits from the investment of more than €200B in frozen assets belonging to the Russian... #ECB #EuropeanCommission #RussianAssets #RussianCentralBank #UkraineRecovery
Ukraine has managed to finance all key budget expenditures. “We directed all taxes from citizens and businesses to ensure the defense and security of our country,” said Prime Minister Denys Shmyhal. He specified that for January-June, the general f... #DenysShmyhal #UkraineBudget #UkraineBudgetRevenue
Ukrainian banks break five-year profitability records. During the first five months of the year Ukrainian banks earned UAH 53.59B, 120% more than the corresponding period in 2021, according to Opendatabot. It is noted that this is the best result in at le... #financeUkraine #nbu #PrivatBank #UkraineBanksProfits #UkrainianBanks
Naftogaz completes its restructuring of defaulted bonds. The company officially offered bondholders a possibility to restructure their bonds maturing in July 2022 and November 2026, on which the company defaulted last year. The issuer of the securities, Kon... #NaftogazBonds #NaftogazEuroBonds #UkraineBond
The NBU explained why inflation in Ukraine is falling rapidly and what risks can change the trend. In June, consumer inflation in annual terms slowed to 12.8%. “The slowdown was caused by a greater supply of food and fuel, a decrease in world prices on commodity markets, and an improvement in... #InflationinUkraine #nbu #pricesinUkraine #UkraineEconomy
Ukraine will help the EU develop a digital wallet. The Ukrainian Diia digital service team will participate in developing the European digital wallet. According to Ukraine’s Ministry of Digitization, this decision was made during a meeting of t... #digitalization #DigitalWallet #DiiaAppUkraine #JeanNoëlBarrot #POTENTIAL
The EU has presented its conditions for the new €50B financing package for Ukraine. The country’s authorities must fulfill several requirements to implement the Financial Instrument for Ukraine (Ukraine Facility) from the EU, which provides financing of up to €50B for four year... #EUfinancialAid #InvestmentsinUkraine #SerhiyMarchenko #UkraineFacility
Fitch updated PrivatBank’s rating to CCC-. Fitch Ratings has affirmed Joint-Stock Company Commercial Bank PrivatBank’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at CCC- and Long-Term Local-Currency (LTLC) at CCC. The Viabili... #CreditRatingUkraine #FitchRatings #PrivatBank #UkrainianBanks
Fitch changed the ratings of two Ukrainian state banks. The international rating agency, Fitch Ratings, raised the stability ratings of two state banks of Ukraine – Oschadbank and Ukrgasbank – and confirmed the rating of another state bank R... #FitchRatings #oschadbank #UkrainianBanks #Ukreximbank #Ukrgasbank
How military risk insurance will cover investment in Ukraine. When a person insures property against risk, they make payments to the company that are directly proportional to the probability of the risk event occurring. If the risk is realized, the insurer cover... #DmytroBoyarchuk #InsuranceUkraine #InvestmentsinUkraine #MilitaryInsurance #MilitaryRiskInsurance #WarinUkraine
Ukrainians must insert a phone number to replenish their debit cards with cash. Starting August 1, cash deposits through ATM terminals require the payer to enter a mobile phone number. Such norms are stipulated by the resolutions of the board of the National Bank, On Amendments t... #CreditCardsUse #nbu #UkraineCreditCards #UkraineDebitCards
The EU will tax profits on frozen Russian Central Bank assets. EU leaders are backing plans that would impose a windfall tax on profits generated by more than €200B in Russian Central Bank assets to aid Ukraine’s reconstruction and will seek political support fro... #RussianAssetsConfiscation #RussianCentralBank #UkraineReconstruction #UrsulavonderLeyen
The volume of non-performing loans in banks decreased by UAH 7B. The share of non-performing loans (NPL) in the banking sector fell to 39.1% on June 1 compared to 39.3% at the beginning of May, reported the press service of National Bank. In May, the volume of non-... #BankLoans #CreditPortfolio #LoansUkraine #nbu #NPLukraine
The Ukrainian budget received over UAH 245B ($6.7B) in June. According to parliament member Yaroslav Zheleznyak, the budget received UAH 245B and fulfilled all the monthly government needs. Through its internal resources, the state received: UAH 52.1B from tax,... #financialaidforUkraine #StateBudgetUkraine #UkraineBudgetRevenue #YaroslavZhelezniak
The IMF approves a decision to allocate $890M to Ukraine. The IMF approved the decision to allocate another tranche to Ukraine within the framework of the extended financing program in the amount of $890 million. “The Executive Board of the IMF complet... #EFFprogram #financialaidforUkraine #imf #IMFaidforUkraine
The NBU approves a strategy for easing FX restrictions and will transition to more exchange rate flexibility. “The strategy consists of three main components. These are the easing of currency restrictions, the transition to greater flexibility of the exchange rate, and the return to the principles of inflatio... #financeUkraine #nbu #NBUstrategy #UkraineEconomicStrategy
Half of the loans for green energy are non-performing. The green energy crisis is causing losses for banks – the share of non-performing loans in the industry rose to 51% at the beginning of May, compared to less than 3% before the invasion says a F... #GreenEnergyLoans #GreenEnergyUkraine #LoanPortfolio #nbu #NPLukraine
A new reform: A tax office without tax officers and a customs office without customs officers. President Volodymyr Zelenskyy promises a radical reform of the tax and customs services, tax reduction, and minimization of contacts between officials and citizens but in exchange for the closure of t... #CustomsReform #DigitalizationOfUkraine #ReformsinUkraine #taxreform #Zelenskyy
The NBU revises its forecast for credit losses from 30% to 20% due to the war. According to National Bank, this year, banks have sharply reduced the formation of reserves after showing significant losses from credit risk last year. Since the war began, banks have suffered losses... #CreditRisk #LoanPortfolio #LoansUkraine #nbu #NPLukraine
Ukraine has already received $22B from the World Bank and donor countries. Before the start of the full-scale war the World Bank mobilized $34B to support Ukraine, over $22B of which Kyiv has already received. This was discussed during a working visit to Washington by the Mi... #AnnaBjerde #AntonellaBassani #financialaidforUkraine #SerhiyMarchenko #WorldBankGroup
The Cabinet of Ministers agreed on the restructuring terms for the Naftogaz Eurobonds due in July 2022 and November 2026. “This brings the company one step closer to fulfilling its obligations to investors,” said Oleksiy Chernyshov, Chairman of the Board of Naftogaz. The solicitation to amend the terms of the $335M... #BondsUkraine #Naftogaz #NaftogazBonds #OleksiyChernyshov
The National Bank of Ukraine is considering reducing the key policy rate. According to the Monetary Policy Committee, the discount rate will decrease by 1-2% starting in July or September. As the National Bank’s press service reports, three Committee members saw room... #DepositsInterestRate #HryvniaDeposits #KeyPolicyRate #nbu
Germany opposes the plan to transfer profits from frozen Russian assets to Ukraine. Germany has spoken out against the European Commission’s plan to give Ukraine profits from frozen Russian assets, saying the hasty move could cause legal or financial risks. According to the FT,... #MarcoBuschmann #ReparationsForUkraine #RussianAssets #RussianCentralBank #UkraineReconstruction
Termination of the grain corridor will put pressure on the hryvnia. “Implementing the termination of the grain corridor will have negative consequences for Ukrainian exports with a corresponding decrease in foreign currency inflows to the country and a possible increa... #agroexportukraine #agroUkraine #GrainAgreement #GrainCorridors #hryvniaexchangerate #nbu
Ukrainian banks noticed a UAH 1.4B increase in consumer deposits last month. The total amount of May deposits by individuals in Ukrainian banks increased by UAH 1.4B and, as of June 1, amounted to UAH 1.0687T, reported the press service of the Guarantee Fund. It is noted that ... #BankDepositsinUkraine #financeUkraine #HryvniaDeposits #nbu #UkraineBankingSystem
In one week, the National Bank sold almost $436M of reserves on the interbank market. During the week from June 19 to 23, the NBU sold $435.82M and bought $8.29M on the interbank foreign exchange market, reported the bank. Last week, the NBU sold $446.76M, and a week earlier, only $292... #CurrencyMarket #CurrencySale #nbu #NBUInternationalReserves
URC2023: Ukraine will receive $1.75B from the WB, €600M from the EBRD, and £62M from Britain for the newly created Energy Fund. Ukraine and the World Bank signed a new agreement on ways to attract $500M in credit financing under Britain’s guarantee. According to the head of the Ukrainian government, Denys Shmyhal, the funds wi... #ConferenceLondon2023 #DenysShmyhal #ebrd #energyukraine #InnovateUkraine #UkraineRecoveryConference
The EBRD, the European Commission, and other partners will help Ukraine restart the private investment insurance market. The parties have agreed to create the Ukraine Reconstruction Guarantee Program to help ensure private sector insurance against war risks. In the first stage, the program will focus on the insurance of... #AnnikenHuitfeldt #DenysShmyhal #InsuranceUkraine #InvestmentsinUkraine #MilitaryRiskInsurance #ReconstructionUkraine #YuliyaSvyridenko
MIGA has started ensuring war risks in Ukraine. The Multilateral Investment Guarantee Agency (MIGA) of the World Bank, in cooperation with the Trust Fund for the Support of Ukraine Reconstruction and Economy (SURE), increased war risk insurance gua... #InsuranceUkraine #MIGA #MilitaryInsurance #MilitaryRiskInsurance #ProCreditBank #SURE
J.P. Morgan will support mortgage lending in Ukraine. American banking giant J.P. Morgan, a European subsidiary of the Alvarez & Marsal consulting company, and Ukrfinzhytlo will develop mortgage lending in Ukraine. “The partnership with J.P. Morgan i... #AlvarezMarsal #JPmorgan #LendingInUkraine #MortgagesUkraine #Ukrfinzhitlo
Britain announces a $3B multi-year aid package to Ukraine and a military risk insurance mechanism. According to British Prime Minister Rishi Sunak, businesses, governments, and financial institutions should join forces to support Ukraine. “Within three years, we will provide $3B in credit gua... #InvestmentsinUkraine #MilitaryRiskInsurance #RishiSunak #UKaidforUkraine
Ukraine is preparing a mechanism for confiscating $500B in Russian assets frozen by the West. During the speech at URC2023, Ukrainian Prime Minister Denys Shmyhal said Ukraine proposes to create a universal system under which the internationally recognized aggressor will pay for its crimes. Th... #ConferenceLondon2023 #DenysShmyhal #RussianAssets #UkraineReconstruction #UkraineRecovery #UkraineRecoveryConference
