Naftogaz and the GTS Operator will report their financial results to the IMF. According to the text of a memorandum of understanding, information on the cash flows of both companies must be submitted to the IMF no later than the 25th of the following reporting month. The report... #Naftogaz #UkraineGTS
NovaPay will issue 3-year bonds worth UAH 100M at 20% annually. On April 14, the Ukrainian postal and courier company’s payment system NovaPay will begin public placement of the debut issue of three-year bonds for UAH 100M ($2.73M). The bonds are issued with one c... #BondsUkraine #NovaPay
S&P Global Ratings has lowered Ukraine’s rating amid debt restructuring. The Rating agency lowered Ukraine’s long-term sovereign credit ratings in foreign currency to negative, from CCC+ to CCC. The downgrade follows Ukraine’s official announcement of a restruc... #CreditRatingUkraine #StandartandPoor #UkraineRating
The IMF’s demand: Ukraine will develop its domestic securities market to avoid “printing” of the hryvnia. The goal of a working group is to develop the domestic debt market with the participation of representatives from the National Bank and the Ministry of Finance. The group was created to implement a me... #IMFandUkraine #SecuritiesMarket #UkraineBond
A risk distribution mechanism will protect capital investments in Ukraine. The Deputy Minister of Economy of Ukraine, Oleksandr Hryban, confirmed that negotiations with international donors are underway to create a trust fund (referred to as an insurance pool). The fund will... #InsuranceMarket #InvestmentsinUkraine #OleksandrHryban
Ukraine’s international reserves have reached the highest level since 2011. In March, Ukraine’s reserves increased by 10.4% to $31.9B, reported the National Bank of Ukraine. The central bank explained that reserves increased because of fund allocations from international part... #financialaidforUkraine #nbu #NBUInternationalReserves
Ukrainians are buying less foreign currency from banks. In March 2023, the population of Ukraine sold $1.388B in cash and non-cash currency to commercial banks and bought $1.812.3B. The net currency purchase amounted to $424.3M. Thus, according to the Nati... #currencyexchange #CurrencyMarket #UkraineBuysCurrency
The Ukrainian budget deficit in March decreased to UAH 59.2B from UAH 88.8B in February. According to the Ministry of Finance the state budget operated during the first three months of the year with a deficit of UAH 220.3B ($6.1B). At the same time, the actual state borrowing for the budg... #BondsUkraine #financialaidforUkraine #UkraineBudgetDeficit
Last year, the number of bank clients in Ukraine increased by 10%, reaching more than 79 million people. At the same time, the number of institutions decreased from 71 to 67, according to the National Bank of Ukraine. The number of accounts opened by clients increased by 12.8% compared to the previous ye... #BankClientsUkraine #UkrainianBanks
The new $15.6B IMF program contains 10 fiscal and 4 anti-corruption structural benchmarks. More than half of the required tasks are related to taxation, and others are devoted to the fight against corruption. The nearest fiscal beacon is a law taking effect by May to increase state budget e... #IMFprogramm #ReformsinUkraine
The National Bank of Ukraine will begin diagnostics of banks in April. This year there will be two stages: an asset quality assessment and sustainability of business model analysis, Deputy Head of the NBU Kateryna Rozhkova said. She clarified that the procedure’s p... #KaterynaRozhkova #nbu #UkrainianBanks
The IMF Board of Directors has approved a new four-year $15.6B extended financing program for Ukraine. This program is part of the overall $115B package of Ukrainian support from its international partners. The first tranche of $2.7B is expected to arrive in a few weeks. After that, other tranches will... #financialaidforUkraine #IMFprogramm #UkraineBudgetDeficit
Ukraine will receive a second installment of budget aid from the US. Ukrainian Prime Minister Denys Shmyhal said the government will receive an additional $2.5B from the United States as a grant to help with state services such as salaries and benefits. The budgetary s... #DenysShmyhal #StateBudgetUkraine #USfinancionaidforUkraine
The WB is considering additional assistance to restore Ukraine’s agricultural sector. At a meeting with the Minister of Agricultural Policy of Ukraine, Mykola Solskyi, and the leadership of the World Bank, discussions were held regarding both the creation of new programs and financing ... #agroUkraine #GrantsForFarmers #MykolaSolsky
The NBU encourages banks to raise interest rates on household deposits. To encourage this, beginning May 11 the National Bank of Ukraine will equate the standards for the formation of mandatory reserves by banks with individual deposits for up to three months to the crite... #BankDepositsinUkraine #InterestRate #nbu
Dollar bond sale adds UAH 17.4B in state budget revenue. On March 28, the Ministry of Finance sold military bonds of the domestic state loan and attracted UAH 17.39B to the state budget. According to the Ministry, UAH 28.15M was received from selling annual... #DollarBonds #OVDPselling #UkraineBondssale
In 2023, the government will pay the NBU more than UAH 80B in bond interest payments. The National Bank of Ukraine expects to receive UAH 81.7B in coupon payments for military bonds purchased from the Ministry of Finance in 2022 if the discount rate remains at 25%, the bank said. From ... #BondsUkraine #GovernmentBondsPayment #nbu
Ukraine has significant demand for dollars, and the foreign exchange market still depends on interventions. This conclusion was reached by the members of the Monetary Policy Committee of the National Bank of Ukraine on March 15, when they decided to keep the discount rate at 25%. It is noted that the high l... #DollarDemand #InflationinUkraine #KeyPolicyRate #nbu
The Dutch Development Bank lost €137M in Ukraine due to war. Of this amount, €82M is a loan loss, and €50M results from capital investments. The bank’s annual report notes that the Dutch Development Bank (FMO) has been actively working in Ukraine for deca... #DutchDevelopmentBank #HorizonCapital #InvestmentsinUkraine
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... #RussianAssets #UkraineRestoration
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 ... #IMFandUkraine #SerhiyMarchenko #UkraineDebtPayment
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... #KristalinaGeorgieva #WorldEconomyForecast
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
