Finance

Friday, February 3

In January, Ukrainians increased their purchases of foreign currency to a record amount.

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...

Thursday, February 2

The National Bank continues to sell significant amounts of currency from its reserves.

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...

The Ministry of Finance attracted only UAH10.6B from the sale of military bonds.

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...

Wednesday, February 1

American financial institution DFC allocates $250M in loans for small businesses and promises another $1B in investment.

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...

Ukrainian banks need to form additional mandatory reserves of UAH 73B.

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...

Energy companies were obliged to pay debts to the owners of domestic SPPs in Ukraine.

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 ...

In 2022, central banks bought the most gold since 1967.

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...

Monday, January 30

Goldman Sachs names Bitcoin as one of the best-performing assets in 2023.

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...

Friday, January 27

The IMF is considering options to provide Ukraine with a $16B aid package.

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...

Canadian bonds to support Ukrainian sovereignty will appear in circulation in Ukraine.

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...

Thursday, January 26

The Ministry of Finance has attracted UAH 13B from the placement of government bonds.

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...

Wednesday, January 25

During the war, NBU Electronic Payment System operations decreased by 20%.

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...

At the end of the year, Ukrainians deposited UAH 47B in banks.

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...

The Lviv region bought UAH 500M in military bonds.

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...

Tuesday, January 24

The EIB needs financial guarantees to increase support for Ukraine.

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. “...

The EU is considering transferring profits from the management of frozen Russian assets.

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...

Monday, January 23

Hungary has blocked €500M in aid for Ukraine, but the EU has a backup plan.

Hungary has blocked €500M in aid for Ukraine, but the EU has a backup plan. Hungary has blocked access to the European Peace Fund money that EU countries have been using to purchase weapons for Ukraine. According to a high-ranking EU diplomat, EU countries will put pressure o...

The expectations of bankers and financial analysts regarding the hryvnia exchange rate and inflation have improved.

The expectations of bankers and financial analysts regarding the hryvnia exchange rate and inflation have improved. According to the National Bank of Ukraine, bankers forecast the hryvnia exchange rate over the next 12 months at UAH 42.70/$1. In October, they expected an exchange rate to be slightly higher at UAH 4...

Friday, January 20

The world’s largest investment banks are ready to join in Ukraine’s restoration.

The world’s largest investment banks are ready to join in Ukraine’s restoration. “We are interested in and prepared to join the recovery of Ukraine, attracting capital and leadership in the capital markets,” Goldman Sachs CEO David Solomon said at the Ukrainian Breakfast in Davos....

Thursday, January 19

A Ukrainian bank plans to enter the Polish market.

A Ukrainian bank plans to enter the Polish market. Monobank intends to enter the Polish market under the name Stereo, said the bank’s co-founder Oleg Horohovskyi. Users mention banking among the advantages that Ukrainians have in Ukraine but not...

Wednesday, January 18

The guarantee fund will auction Prominvestbank’s loans.

The guarantee fund will auction Prominvestbank’s loans. On February 1, 2023, Prozorro.Sales auction platform will hold an auction for the sale of the assets of PJSC Prominvestbank, which the Deposit Guarantee Fund is liquidating. The lot includes claims un...

Over the past year, the budget received UAH 164B and more than 3 billion in foreign currency from the sale of OVDP bonds.

Over the past year, the budget received UAH 164B and more than 3 billion in foreign currency from the sale of OVDP bonds. According to the National Bank of Ukraine, the Ministry of Finance placed UAH 164.385B worth of hryvnia government bonds last year, which is 42.9% less than in the same period of 2021. Also, the gover...

Tuesday, January 17

Ukraine and the EU have signed a memorandum on €18B in macro-financial aid; the first €3B will arrive on January 17.

Ukraine and the EU have signed a memorandum on €18B in macro-financial aid; the first €3B will arrive on January 17. European Commission President Ursula von der Leyen announced that the first €3B of macro-financial assistance to Ukraine will arrive on January 17. Preferential loan funds will be transferred to Ukrai...

Japan has postponed four loan payments from Ukraine.

Japan has postponed four loan payments from Ukraine. On January 16, the Minister of Finance of Ukraine, Serhiy Marchenko, at a meeting with the Ambassador of Japan to Ukraine, Kuninori Matsuda, signed an agreement on the payment postponement for the rep...

Thursday, January 12

The NBU has called on international banks to withdraw from the Russian market.

The NBU has called on international banks to withdraw from the Russian market. The National Bank of Ukraine emphasized the impermissibility of international banks’ cooperation with Russia and Belarus and called on them to fulfill their promises and finally withdraw from th...

Wednesday, January 11

Banks’ demand for benchmark bonds brought UAH 23.5B to the budget.

Banks’ demand for benchmark bonds brought UAH 23.5B to the budget. On January 10, the Ministry of Finance attracted UAH 23.52B to the state budget from the sale of domestic government bonds due to growing demand from banks. According to the Ministry of Finance, UAH 2...

Tuesday, January 10

Ukraine increased its share of international reserves in dollars.

Ukraine increased its share of international reserves in dollars. The share of US dollars in Ukraine’s international reserves increased from 80.2% to 83.6% in 2022. This happened due to the dollar’s growth against the main world currencies last year. At ...

Monday, January 9

The NBU wants to stop the “printing” of the hryvnia and encourages banks to invest in government bonds.

The NBU wants to stop the “printing” of the hryvnia and encourages banks to invest in government bonds. The National Bank of Ukraine has allowed banks to cover up to 50% of their required reserves through domestic state loan bonds (OVDP). The NBU believes that this step will contribute to more active ba...

Wednesday, January 4

Bonds from Ukrainian cities will be sold in Poland.

Bonds from Ukrainian cities will be sold in Poland. The National Depository of Ukraine signed an agreement on cooperation with the Central Depository of Poland (KDPW) to establish correspondent relations for “delivery of securities without paymen...

The US will demand a discount for Ukraine for using loans from the IMF.

The US will demand a discount for Ukraine for using loans from the IMF. The US defense budget obliges the US government representatives in international development banks, including the IMF where the US is the largest shareholder, to promote changes in these bank’s polici...

Tuesday, January 3

The last month of the year brought record revenues to the state budget of Ukraine.

The last month of the year brought record revenues to the state budget of Ukraine. December 2022 brought two records in Ukraine’s history at once, foreign aid to Ukraine and the state budget’s total monthly funding amount for a month, the parliamentary finance committee reported. In...

Wednesday, December 28

Ukraine’s state debt has increased by another $4.3B.

Ukraine’s state debt has increased by another $4.3B. As of November 30, Ukraine’s state and state-guaranteed debt amounted to UAH 3.929T or $107B, according to the Ministry of Finance. During November, the amount of debt increased in hryvnia equiv...

Tuesday, December 27

Ukraine’s banking system is prepared for a total blackout.

Ukraine’s banking system is prepared for a total blackout. At the initiative of the NBU, all systemically important banks united and created a joint banking network called Power Banking. This is a joint network of bank branches throughout Ukraine, which will ...

Since the war, the profits of Ukrainian banks have decreased by more than 80%.

Since the war, the profits of Ukrainian banks have decreased by more than 80%. During January-October, the gains from Ukrainian banks decreased by more than 80%. According to Opendatabot reports, banks earned only UAH 11B last year, this figure was previously UAH 58B. Of the 67 ...

Monday, December 26

The US has finally approved the budget for 2023 and the allocation of $44.9B for Ukraine.

The US has finally approved the budget for 2023 and the allocation of $44.9B for Ukraine. The approved draft budget for $1.7T is financed by the federal government and includes financing of military and economic aid to Ukraine totaling $44.9B. In particular, $19.8B is for armaments and equ...

Since the war began, Ukraine has managed to collect about $32B in macro-financial aid.

Since the war began, Ukraine has managed to collect about $32B in macro-financial aid. According to Prime Minister Denys Shmyhal, Ukraine needs $38B next year to cover the budget deficit and another $17B to implement rapid reconstruction projects. He added that the EU promised €18B in m...

The IMF will allow the National Bank of Ukraine to print UAH 50B if needed.

The IMF will allow the National Bank of Ukraine to print UAH 50B if needed. In case of a shortage of external financing at the beginning of 2023, the NBU can buy up to UAH 50B of domestic state loan bonds, according to the IMF’s materials on its monitoring program with ...

Friday, December 23

Ukraine expects to sign a memorandum on a new macro-finance agreement with the EU by the end of the year.

Ukraine expects to sign a memorandum on a new macro-finance agreement with the EU by the end of the year. Ukraine expects to sign a memorandum by the end of 2022 on the provision of €18B in macro-financial assistance from the European Union in 2023, Prime Minister Denys Shmyhal said. There are conditions...

Thursday, December 22

In 2023, Ukraine may receive $55-$60B in aid from international partners.

In 2023, Ukraine may receive $55-$60B in aid from international partners. This includes macro-financial support, support for the rapid restoration of the energy and transport infrastructure, support for the private sector (for the purchase of fuel for sowing), and humanitar...

The IMF financing program for Ukraine may start in March.

The IMF financing program for Ukraine may start in March. This forecast was made by the Deputy Director of the IMF, Vladyslav Rashkovan. Rashkovan added that this program will become part of the reconstruction process and help build a “microfinance fra...

Wednesday, December 21

The US will allocate $44.9B to Ukraine and its NATO allies.

The US will allocate $44.9B to Ukraine and its NATO allies. The US Congress has received a 2023 state financing bill for $1.7T, compared to the $1.5T allocated last year. Of which $44.9B is to be allocated for Ukraine and the US’ NATO allies, the Washington Po...

The IMF approves Ukraine’s monitoring program.

The IMF approves Ukraine’s monitoring program. Based on macroeconomic parameters agreed upon with the IMF, the four-month monitoring program will outline the direction for the fiscal and monetary policies of the Government of Ukraine and the Natio...

Ukraine has managed to reduce its public and private debts.

Ukraine has managed to reduce its public and private debts. During the third quarter of 2022, Ukraine’s gross external debt decreased by $4.3B to $124.2B. Compared to the beginning of the year, the deficit has fallen by $5.5B. At the same time, according to th...

Tuesday, December 20

The National Bank has bought government bonds for the entire agreed upon amount for this year.

The National Bank has bought government bonds for the entire agreed upon amount for this year. The National Bank of Ukraine issued another UAH 15B by purchasing government bonds. In this way, the NBU bought government bonds for the entire agreed amount this year, which totals UAH 400B, reported...

The National Bank of Ukraine might allow key policy rate reduction in 2023.

The National Bank of Ukraine might allow key policy rate reduction in 2023. The members of the Monetary Policy Committee of the NBU, for the fourth time in a row, unanimously spoke in favor of maintaining the discount rate at the level at 25%, while several members supported...

Monday, December 19

The WB creates a multi-donor trust fund to support Ukraine.

The WB creates a multi-donor trust fund to support Ukraine. On December 16, the World Bank announced the creation of a multi-donor trust fund to support the Ukrainian government in measures that will ensure the state’s critical needs in the current cond...

The IFC will provide $2B in finances for Ukrainian businesses.

The IFC will provide $2B in finances for Ukrainian businesses. The Board of Directors of the International Finance Corporation (IFC), which is part of the World Bank, has supported a $2B financing program for Ukrainian businesses, Ukraine’s Economy Minister...

Thursday, December 15

The National Bank names the key parameters to ensure Ukraine’s financial stability.

The National Bank names the key parameters to ensure Ukraine’s financial stability. Uninterrupted operation of the financial sector, support for crediting of working enterprises, and measures to strengthen monetary transmission are key areas of focus for maintaining financial stabil...

The amount of cash in the hands of Ukrainians has increased by $10B.

The amount of cash in the hands of Ukrainians has increased by $10B. According to the National Bank, during March-October 2022, the amount of foreign currency outside the banking system increased by $8.1B, and according to the results of the first 10 months of 2022, by...

Wednesday, December 14

The EU agrees on an €18B Ukraine aid package after Hungary drops its opposition.

The EU agrees on an €18B Ukraine aid package after Hungary drops its opposition. EU member states have approved plans to provide an €18B aid package for Ukraine in 2023 after Hungary dropped its opposition in return for funding from the EU, reported CNN. Hungary had initially bloc...

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