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
Mortgage lending is gradually being restored in Ukraine. In 2022, Ukrainian banks issued 2,009 mortgage loans for a total amount of UAH 1.96B. Compared to 2021, the issuance of new loans decreased by over 80% in terms of the number of contracts and by over ... #eOselya #MortgageProgram #MortgagesUkraine
A European working group will explore using frozen Russian assets for Ukraine. An EU working group will be set up to look at using frozen Russian assets for the reconstruction of Ukraine, the Swedish Presidency of the Council of the EU said on Tuesday. The Swedish presidencyR... #RussianAssetsConfiscation #UkraineReconstruction #UlfKristersson
Ukraine’s budget deficit this year will be at least $40B. The IMF has estimated that Ukraine needs $40-48B in international financial support this year, the head of the International Monetary Fund, Kristalina Georgieva, said at the World Government Summit in... #InflationinUkraine #KristalinaGeorgieva #UkraineBudgetDeficit
Ukraine plans to start testing the electronic hryvnia this year. The Ministry of Digitization wants to speed up the development process of the electronic hryvnia. The pilot project should start in 2024, said the Minister of Digital Transformation, Mykhailo Fedorov.... #DigitalCurrencyUkraine #E_hryvnia #MykhailoFedorov
According to the Big Mac Index, the Ukrainian currency has become the fourth most undervalued. The Ukrainian hryvnia dropped to fourth place in the list of undervalued world currencies in the updated Big Mac Index. A year ago, it was in sixth place, according to data from The Economist for Janu... #BigMacIndex #Hryvnia #Ukrainecurrency
Ukraine will receive two grants worth $8.6B from the US and other donors. The Cabinet of Ministers approved the involvement of a budget support grant from the Multi-Donor Trust Fund for $2.665B. The US provided part of the grant funds, $2.5B, and another $165M came from Ger... #DenysShmyhal #financialaidforUkraine #GrantsforUkraine
Moody’s assesses Ukraine’s need for external financial assistance. The international rating agency Moody’s predicts substantial Ukrainian financing needs amounting to about 20% of GDP in 2023. It is expected that these needs will be covered primarily through support ... #financialaidforUkraine #Moodys #UkraineStateBudget
Despite the large volume of currency sales in January, Ukraine’s international reserves grew to $30B. According to the National Bank, during the first month of the year, reserves increased by 5% to $29.9B. The National Bank received $4.33B into the government’s currency accounts during the month... #NationalBankReserves #nbu #Ukraineinternationalreserves
The sale of government bonds brought UAH 12.5B to the budget. The Ministry of Finance, on February 7, auctioned domestic state loan bonds worth UAH 12.5B. Almost half – 46% of this issue – consisted of a 2.3-year benchmark OVDP, with which the NBU al... #BondSalesUkraine #nbu #UkraineGovernmentBonds
During the year of war, the share of non-performing loans increased. The share of non-performing loans (NPL) in the banking sector increased to 38% on January 1, 2023, compared to 30% on January 1, 2022. The volume of problem loans increased by UAH 87B over the year to... #LoanPortfolio #nbu #UkraineNonPerformingLoans
The prime rate will not change before the end of the year. Most of the NBU’s Monetary Policy Committee members are considering keeping the discount rate at 25% at least until the first quarter of 2024. However, some board members assume that the key rate redu... #InflationinUkraine #KeyPolicyRate #nbu #UkraineMonetaryPolicy
Norway has developed a five-year aid package for Ukraine worth $7.2B. Norwegian Prime Minister Jonas Gahr Støre said that his government has agreed to provide Ukraine with a $7.2B aid package over the next five years. According to the prime minister, this year, it is pr... #financialaidforUkraine #JonasGahrStore #NorwaySupportUkraine
Allies pressure the IMF to provide Ukraine with a new $14-16B program. According to the FT, IMF representatives plan to meet Ukrainian officials in Warsaw in mid-February to discuss the loan terms. The fund is considering the possibility of launching a program for $14-16... #financialaidforUkraine #IMFprogramforUkraine #ValdisDombrovskis
Confiscated Russian assets will be transferred to Ukraine for the first time. The US Attorney General’s Office announced the first transfer to Ukraine of confiscated assets seized from Russian oligarch Konstantin Malofeev, said the US Attorney General, Merrick Garland. On... #KonstantinMalofeev #RussianAssetsConfiscation
Ukraine will negotiate a full-fledged program with the IMF. Ukraine expects to complete its monitoring program with the involvement of the IMF’s Board of Directors and to start negotiations on a full-fledged program in the second quarter. This is necessary to ... #financialaidforUkraine #IMFprogramforUkraine #SerhiyMarchenko #UkraineBudgetDeficit
In January, Ukrainians increased their purchases of foreign currency to a record amount. In January 2023, Ukraine’s population sold cash and non-cash currency to commercial banks for $1.2B and bought $1.8B. The net purchase of currency amounted to $564M. Thus, in January, Ukrainians incre... #CurrencySale #foreignexchangemarket #nbu
The National Bank continues to sell significant amounts of currency from its reserves. During January 2023, the NBU bought $28.5M and sold $3.11B on the interbank foreign exchange market. The negative balance amounted to $3.082B, according to NBU data. Thus, the central bank slightly re... #CurrencySale #foreignexchangemarket #nbu
The Ministry of Finance attracted only UAH10.6B from the sale of military bonds. On January 31, the Ministry of Finance attracted only UAH 10.61B to the state budget at auctions for the sale of domestic state loan military bonds, despite the increase in the issuance of the benchma... #ukrainebonds #UkraineBondssale
American financial institution DFC allocates $250M in loans for small businesses and promises another $1B in investment. The US International Development Finance Corporation (DFC) is mobilizing $250M to develop Ukrainian small and medium size businesses. The funds will be transferred to banks that will in turn lend to U... #DFC #InvestmentsinUkraine #LoansforBusiness #ScottNathan
Ukrainian banks need to form additional mandatory reserves of UAH 73B. The National Bank has increased mandatory reserve requirements for banks for funds on demand and funds on current accounts. The NBU informed financial institutions that from February 11, reserve stand... #nbu #UkraineBankreserves #UkrainianBanks
Energy companies were obliged to pay debts to the owners of domestic SPPs in Ukraine. The National Commission for Regulation of the Energy Market obliged state company Ukrenergo to pay their debts to the owners of domestic solar power plants. In particular, the commission canceled the ... #SolarEnergyUkraine #UkraineENergySystem #Ukrenergo
In 2022, central banks bought the most gold since 1967. Central banks added a whopping 1,136 tons of gold worth some $70B to their stockpiles in 2022, by far the most of any year since 1967, reported the WGC. The data underlines a shift in attitude to gold... #GoldBullion #GoldReserves
Goldman Sachs names Bitcoin as one of the best-performing assets in 2023. According to the bank’s report, Bitcoin has outperformed the S&P 500, gold, real estate, and the Nasdaq 100. In addition, it said the first cryptocurrency outperformed the MSCI Emerging Markets In... #Bitcoin #GoldmanSachs
The IMF is considering options to provide Ukraine with a $16B aid package. According to people familiar with the matter, as reported by Bloomberg, the International Monetary Fund is exploring a loan for Ukraine worth as much as $16B to help cover the country’s needs and pro... #financialaidforUkraine #imf
Canadian bonds to support Ukrainian sovereignty will appear in circulation in Ukraine. The National Commission for Securities and the Stock Market has admitted into circulation Ukraine Sovereignty bonds issued by Canada for CAD 500M ($373.3M). The coupon rate for the bonds is 3.245%. Co... #CanadaBonds #SupportUkraine
The Ministry of Finance has attracted UAH 13B from the placement of government bonds. On January 24, the Ministry of Finance drew UAH 13.22B to the state budget through auctions of military bonds. According to the Ministry of Finance, UAH 472.86M was raised from the sale of six-month b... #ukrainebonds #UkraineBondssale
During the war, NBU Electronic Payment System operations decreased by 20%. In 2022, the National Bank’s electronic payment system (SEP) worked without interruption and satisfied the needs of both the Ukrainian banking system and its customers for payments in the national cur... #ElectronicPaymentSystem #nbu #UkraineBankingSystem
At the end of the year, Ukrainians deposited UAH 47B in banks. The deposit portfolio grew in December, as it had in previous months. According to the National Bank, Ukrainians deposited almost UAH 35.9B into bank accounts. At the end of 2022, the hryvnia portfoli... #HryvniaDeposits #nbu #UkraineDeposits
The Lviv region bought UAH 500M in military bonds. The Lviv Regional Military Administration bought military state bonds worth UAH 500M, utilizing funds made available due to over-allocation for the regional budget’s planned tasks. The option to purch... #MaksymKozytskyi #UkraineBondssale #Ukrainemilitarybonds
The EIB needs financial guarantees to increase support for Ukraine. Since the beginning of the full-scale Russian aggression, the European Investment Bank (EIB) has decided to continue supporting Ukraine and allocate new funds without waiting for the end of the war. “... #EIB #InvestmentsinUkraine #SupportUkraine #WernerHoyer
The EU is considering transferring profits from the management of frozen Russian assets. The European Union wants to analyze the idea of managing the Russian Central Bank’s frozen assets ($300B), the profit from which would be applied to Ukraine’s reconstruction. The President of t... #CharlesMichel #RussianAssets #RussianAssetsArrested
