The yield on deposits is growing, and loan rates have stabilized. Ukrainian banks continue to compete for clients’ funds, raising deposit rates for both individuals and businesses, the NBU Banking Sector Survey notes. On average, the value of 12-month deposits... #BankDepositsinUkraine #BankLoans #nbu #UkrainianBanks
Ukraine has joined the database of income statistics of the Organization for Economic Cooperation and Development. As noted by the Ministry of Finance, Ukraine has become the 121st country that submits information to the largest open source of income data. It is noted that tax and non-tax budget revenues from all ... #IncomeStatistics #OECD #UkraineBudgetRevenue #UkraineTaxDatabases
Ukraine will receive billions in aid from South Korea. On May 17, Ukraine and South Korea signed a preliminary intergovernmental agreement on loans from the Economic Development and Cooperation Fund (EDCF). Economy Minister Yulia Svyridenko said that Ukra... #ChooKyungHo #EDCF #financialaidforUkraine #SouthKoreaAid #YuliyaSvyridenko
The Pentagon is running out of money for weapons for Ukraine. Only about $6B remains in the $48B aid package for Ukraine that Congress approved in December. This means that US funding for weapons and supplies could end by mid-summer, writes Politico. As a result... #PentagonAid #UkraineCounteroffensive #USmilitaryAid #WarinUkraine #WeaponsforUkraine
The US supports the Ukrainian economy with grants, while the EU mainly provides loans. According to the Growford Institute, from the beginning of 2023, the leaders in providing Ukraine with financial, humanitarian, and military aid are the US (€71.3B), Great Britain (€9.8B), Germany (€7... #financialaidforUkraine #GrantsforUkraine #LoansForUkraine #SupportUkraine #UkraineEconomy
Ukrainian business receive constant support to keep the economy alive. According to the Ministry of Economy, another 323 Ukrainians will receive UAH 77M worth of microgrants from the state for starting and developing businesses under the Own Business program. Since the b... #GrantsForBusiness #LoansforBusiness #SupportBusiness #ukrainianbusiness
Trade and the mining industry are the highest taxpayers in Ukraine. In the first four months of the year, the consolidated budget received UAH 67.7B ($1.85B) in taxes, where 87.1% of all revenues, almost UAH 59B, originated from several branches of the national econom... #TaxesUkraine #TaxPayersUkraine #UkraineBudget #UkraineEconomy
The Ukrainian government will ease restrictions for businesses. According to EBA, the NBU currently understands that currency restrictions are gradually exhausting their function, and the macroeconomic situation in the country is stabilizing. Because of this, the ... #CurrencyLiberalization #EBA #nbu #ReformsinUkraine #RestrictionsForBusinesses
Germany will provide Ukraine with a record €2.7B in military aid. According to the German Ministry of Defense, this is the largest single package of weapons Germany has provided to strengthen the Ukrainian armed forces since the beginning of the war. The head of the... #BorisPistorius #GermanyMilitaryAid #LeopardBattleTanks #WeaponsforUkraine
The G7 finance ministers have announced $44B in increased support for Ukraine and new sanctions against Russia. It is noted that similar support from the Big Seven allowed approval of the IMF’s four-year program for Ukraine, enabling Ukrainian authorities to ensure the government’s function, continue to ... #G7Summit #IMFprogramm #ReformsinUkraine #SanctionsAgainstRussia
The US has approved the transfer of a Russian oligarch’s confiscated assets to Ukraine. For the first time, the United States authorized the confiscation of the assets of a Russian oligarch with their subsequent transfer to be applied to the restoration of Ukraine. The FT writes about th... #KonstantinMalofeev #MerrickGarland #RussianAssets #UkraineReconstruction
The European Commission has legal grounds to use the assets of the Russian Federation for the reconstruction of Ukraine. According to spokesperson Christian Wiegand, the European Commission has confirmed that it has developed legally acceptable options for the use of Russian assets, both private and state, for Ukraine’s... #ChristianWiegand #RussianAssets #RussianCentralBank #SanctionsAgainstRussia #UkraineReconstruction
Ukraine will launch a private insurance market for military risks. The war risk insurance mechanism is available today from several international financial institutions, including MIGA of the World Bank Group and the American Development Finance Corporation (DFC), wh... #DFC #MIGA #MilitaryRiskInsurance
The NBU is considering the reduction of the key policy rate due to improved FX market conditions. The noticeable improvement of the foreign exchange market has been caused not only by the seasonal increase in the supply of currency by farmers and the decrease in demand for energy imports but also ... #DiscountRateUkraine #foreignexchangemarket #KeyPolicyRate #nbu
Ukraine’s international reserves have grown to 11-year high. In April, Ukraine’s reserves increased by 12.8%, or $4B, to $35.9B, according to the NBU. The regulator explained that reserves increased due to aid received from international partners, a further dec... #financialaidforUkraine #nbu #UkraineInternationalReservs
At the Lugano Business Forum on May 11-12, participating businesses will discuss Ukraine’s reconstruction. Lugano, Switzerland is where the Conference on the Reconstruction of Ukraine was held in July 2022 and will host the first Lugano Business Forum on May 11-12. The forum will gather representatives fro... #LuganoBusinessForum #UkraineInvestments #UkraineReconstruction #UkraineRecovery
Ukraine implemented one of the IMF’s structural beacons. The President of Ukraine, Volodymyr Zelenskyy, signed a law on the use of funds from accounts designated for the support of Ukraine. The launch of this law became the second implemented structural bea... #IMFprogramm #SupportUkraine #UkraineBudget #Zelenskyy
The military bonds have generated UAH 429B for the state treasury, the National Bank said. In April 2023, payments on bonds of the domestic state loan exceeded borrowing on the domestic debt market by UAH 6.3B. At the same time, during January-April the corresponding... #BondSalesUkraine #OVDPselling #Ukrainemilitarybonds
Problem loans are accumulating in Ukrainian banks. As of April 1, the share of non-performing loans in bank portfolios was 38.8% and increased by 0.7% during the last quarter. The volume of problem loans amounted to UAH 434B and increased by UAH 2B in... #LoanPortfolio #nbu #NPLukraine #Problemloans
Ukrainians are buying significantly less foreign currency in banks. In April 2023, the population of Ukraine sold $1.3B in cash and non-cash funds to commercial banks and bought $1.5B. According to National Bank data, the net purchase of currency amounted to $224.2M. ... #CurrencyMarket #CurrencySale #foreigncurrency #nbu
The IMF promotes conditions for post-war Ukraine’s stable and long-term economic growth. Ukraine should strengthen the mobilization of domestic revenues to finance social and infrastructure needs, according to the permanent representative of the IMF in Ukraine, Vahram Stepanyan. “Fo... #imf #IMFprogramm #VahramStepanyan
For the first time in 1.5 years, Ukrainian business has improved its assessment of its prospects. For the first time since October 2021, the Business Activity Expectations Index rose to 51.5 points in April from 49.5 in March and crossed the neutral level (50 points), according to a study by the N... #BusinessActivityExpectations #businessinukraine #nbu #UkraineEconomy
One of the largest chains of gas stations in Ukraine has attracted a €25M loan from the Black Sea Trade and Development Bank. The OKKO gas station network and BSTDB agreed to open a revolving credit line of up to €25M. The money will be used to purchase petroleum products, including in the countries from the Black Sea region... #okko #PetroleumProducts #SerhatKöksal #VasylDanylyak
The Central Bank has reduced the sale of reserves to a minimum due to the fall in demand for foreign currency. In April 2023, the National Bank of Ukraine bought $3.7M on the interbank foreign exchange market and sold $1.374B. The negative balance amounted to $1.37B. According to the regulator, currency sales ... #CurrencySale #foreignexchangemarket #nbu
The largest domestic postal delivery operator will provide financial services in Ukraine and the EU. Nova Poshta’s payment system NovaPay received an extended license from the National Bank of Ukraine. Now NovaPay has the opportunity to provide new services to individuals and businesses: open a... #AndriyKryvoshapko #NovaPay #novaposhta
The Central Bank kept the prime rate at 25% and improved its economic forecast. The Board of the National Bank decided to keep the discount rate at 25% per annum, the Chairman of the Board of the NBU, Andriy Pishniy, said. The NBU noted that the updated macro forecast foresees th... #AndriyPishnyi #InflationinUkraine #nbu #UkraineEconomy
The IMF requests a stability check for the 20 largest banks in Ukraine. The National Bank has started assessing the strength of 20 banks, the leaders in the aggregate of assets, deposits, and individual loans. These bank’s total amount of net assets is more than 90% of th... #BankingStability #nbu #UkrainianBanks
Ukraine expects another €1B in economic aid from Italy. Prime Minister Denys Shmyhal said he expects €1B in financial support from the Italian export credit agency, SACE, to restore the economy and infrastructure and finance basic Ukrainian humanitarian an... #DenysShmyhal #GiorgiaMeloni #ItalyAidforUkraine #UkraineRecovery
Banks increase lending and ease requirements for borrowers. Banks have significantly improved their expectations regarding the development of lending in Ukraine. In the second quarter bankers predict an increase in demand for retail loans and mortgages most of... #CreditPortfolio #LendingInUkraine #MortgagesUkraine #nbu
Investors’ demand for Ukrainian bonds has increased. The Ministry of Finance placed state bonds worth UAH 16.3B. There was demand for government bonds denominated in both hryvnias and US dollars. The Ministry of Finance placed one-year hryvnia bonds at ... #Bondssale #OVDPselling #UkraineBond
EU sent the third €1.5B tranche of microfinance aid, increasing the total aid to €6B in 2023. Previously, Ukraine received the first tranche of €3B in January 2023, and the state budget received the second tranche of €1.5B in March. Thus, the volume of direct 2023 budget support from the EU ha... #EUfinancialAid #SerhiyMarchenko #UrsulavonderLeyen
Last year, aid from international partners provided 27% of Ukraine’s budget revenues. According to the 2022 state budget report, as noted by the Ministry of Finance, state budget revenues amounted to almost UAH 1.8 trillion, a significant portion of which was UAH 481.1B in grants from ... #financialaidforUkraine #GDPinUkraine #UkraineBudget2022
Fitch still foresees a potential Ukrainian capital default. The international rating agency, Fitch Ratings, has quoted Kyiv’s long-term issuer default rating (IDR) in foreign currency at CC and the national currency at CCC-. According to the agency count... #FitchRatings #KyivCreditRatings #UkraineEconomy
Ukrainians are increasingly confident in the stability of the hryvnia and prices. In March 2023, the Consumer Sentiment Index in Ukraine increased by 4.6 points to 91.2 points, according to monthly research from InfoSapiens. The current situation’s index increased by 3.4 points and... #BusinessExpectation #hryvniaexchangerate #UkraineEconomy
By the end of the year, Ukraine’s banks will likely sell over UAH 100B worth of debt at auctions, said the founder of the Investohills group of companies, Andriy Volkov. According to Volkov, banks will have to discount NPLs in order to sell 50-70% of them along with the rest of their portfolios, b... #AndriyVolkov #BankLoans #nbu #NPLukraine
Since the war in Ukraine started, the fortunes of Russian billionaires have increased by 33%. The wealth of Russia’s richest people increased by $152B over the past year as a result of high prices for natural resources. That windfall enabled them to overcome the huge losses they suffered... #AndriyMelnichenko #RussianBillionaires
The United States plans to send Russian assets to Ukraine. The US Justice Department wants more authority from Congress to give Ukraine money obtained from the seizure and sale of wealthy Russians’ assets, Deputy Attorney General Lisa Monaco said. The departm... #LisaMonaco #RussianAssets
A Lithuanian energy company will share extra profits with Ukraine, and Shell has been asked to do the same. The Lithuanian company Ignitis Group, with headquarters in Vilnius, has decided to direct 10%, or €12M, of surplus profits to Ukraine’s restoration, said Energy Minister Herman Galushchenko. The compa... #HermanGalushchenko #IgnitisGroup #OlegUstenko #Shell
Ukrainians believe that taxes and customs hinder business development in their country. Half of Ukrainians, 50.7%, believe that most entrepreneurs are law-abiding, so the tax and customs authorities should catch violators and not prevent honest entrepreneurs from working. This data was p... #businessinukraine #businesstaxes
The EBRD has provided a €42M loan to Cersanit to support its business in Ukraine and Poland. The leading Polish ceramic tile and bathroom equipment manufacturer, Cersanit, is said to have significant capacity in Ukraine and is expected to play an essential role in rebuilding the infrastructur... #Cersanit #EBRDloan
The EU keeps looking for legal avenues to confiscate frozen Russian assets. A special working group should find out more precisely where Russian state assets are located and their total value. About $300B of assets from the Russian central bank are frozen in the G7 countries.... #RussianAssets #RussianCentralBank
The US Treasury has called on the West to continue providing substantial aid to Ukraine and promises to provide new grants by September. The US Treasury Secretary Janet Yellen voiced the this position during her speech at the beginning of the ministerial meeting regarding Ukraine at the IMF spring meetings. According to Yellen, the Ukr... #financialaidforUkraine #IMFprogramm #JanetYellen
The US is confident that the funds from Ukraine’s allies will be enough until the end of the year. US Treasury Secretary Janet Yellen expressed this opinion in an address to the participants at the IMF and the World Bank spring meetings in Washington. According to IMF representative Gavin Gray, if ... #financialaidforUkraine #GavinGray #JanetYellen #SupportUkraine
The President’s office has announced a plan for the receipt of $100B in seized Russian Federation assets. Ukrainian authorities seek to receive about $100B over five to seven years from the sale of Russian sovereign assets seized worldwide, said chief consultant Oleg Havrysh. Recent estimates of Ukraine&#... #OlegHavrysh #ReparationsForUkraine #RussianAssets
The World Bank has announced $200M in grant financing for a project that will repair Ukraine’s energy infrastructure. The Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund provides the funds for this project, with additional funding of up to $300M envisaged from partners through grants and other contrib... #AntonellaBassani #EnergyInfrastructure #RestoringUkraine
Deposits and loans are becoming more expensive in Ukraine. In March 2023, the average bank interest rates for new hryvnia deposits increased for the population and amounted to 11.4% per annum, 0.6% higher than a month earlier (10.8%). According to the NBU, ra... #BankDepositsinUkraine #BankLoans
Demand for government bonds fell to UAH 2.4B. On April 11, the Ministry of Finance raised UAH 2.37B (equivalent) for the state budget at auctions for the sale of military bonds of the domestic state loan. Only UAH 94.89M was received from the sal... #bondsales #ukrainebonds
The Ukrainian government will nationalize Sense Bank. In the first reading, the Ukrainian Parliament voted in favor of a draft law to allow the National Bank to start the nationalization of Sense Bank (formerly Alfa-Bank), announced the first deputy chai... #MykhayloFridman #NationalizationOfBank #PetroAven #SenseBank
Ukraine’s Ministry of Finance and the IFC will expand the public-private partnership to rebuild and support Ukrainian businesses. On April 10, Minister of Finance of Ukraine Serhiy Marchenko met with the International Finance Corporation (IFC) Director Makhtar Diop. The parties discussed the prospects of expanding cooperation be... #ifc #MakhtarDiop #SerhiyMarchenko
The Central Bank of Ukraine is working on creating an insurance system for military and political risks. The NBU has already prepared an initial concept, which should become the basis for the future draft law, said the First Deputy Head of the Central Bank, Kateryna Rozhkova. She explained that due to th... #KaterynaRozhkova #MilitaryRiskInsurance #nbu
