Finance

Wednesday, December 14

The Ministry of Finance has attracted UAH 14B from military bonds for the budget.

The Ministry of Finance has attracted UAH 14B from military bonds for the budget. On December 13, the Ministry of Finance attracted UAH 14.05B to the state budget at auctions for the sale of military bonds. According to the Ministry of Finance, the Ukrainian government attracted UA...

Monday, December 12

Despite Hungary blocking the aid package, the EU has agreed to allocate €18B to Ukraine.

Despite Hungary blocking the aid package, the EU has agreed to allocate €18B to Ukraine. The proposal was approved on December 10 and will be presented to the European Parliament for possible approval next week. The package provides for a structural decision on financial support for Ukrai...

Friday, December 9

The National Bank of Ukraine keeps the key policy rate at 25%.

The National Bank of Ukraine keeps the key policy rate at 25%. Ukraine’s central bank kept borrowing costs unchanged at 25% even as a barrage of Russian missile attacks have further imperiled the economic outlook. “An extended full-scale war by Russia and escala...

Thursday, December 8

Ukraine’s international reserves exceed the pre-war level.

Ukraine’s international reserves exceed the pre-war level. As of December 1, Ukraine’s international reserves amounted to $27.95B and exceeded their level at the beginning of the war, which was $27.4B. In November, reserves increased by 10.7% due to an ...

Europe has passed the US in terms of aid commitments to Ukraine.

Europe has passed the US in terms of aid commitments to Ukraine. This has happened for the first time since the beginning of the full-scale war. According to a study by the Kiel Institute of World Economy (IfW), EU countries and institutions have committed to provi...

The EBRD has already provided Ukraine with €1B and mobilized more than €1.4B in donor aid.

The EBRD has already provided Ukraine with €1B and mobilized more than €1.4B in donor aid. As the President of the EBRD, Odile Renaud-Basso said, the US contributed $500M to the Fund for Crisis Response to the War in Ukraine, adding to the €1.4B in donor support. Norway, which provided €200...

Monday, December 5

The EU allocates €533M for interregional programs for Ukraine and Moldova.

The EU allocates €533M for interregional programs for Ukraine and Moldova. The European Commission has approved four new programs with the participation of 10 member states, Ukraine, and Moldova, in the amount of €533M. The EC website says that the programs aim to develop cr...

The Council of Europe Development Bank will increase capital to help Ukraine.

The Council of Europe Development Bank will increase capital to help Ukraine. The governments of the Council of Europe Development Bank’s (CEB) shareholders, the largest of which are France, Germany, and Italy, have agreed to increase its capital by €4.25 billion, includi...

Friday, December 2

The UN plans to provide $5.7B in aid to war-affected Ukrainians in 2023.

The UN plans to provide $5.7B in aid to war-affected Ukrainians in 2023. 13.6 million war-affected Ukrainians have already received UN aid, and a total of $5.7B has been requested for Ukraine’s needs next year, the UN reported. In total, a record $51.5B needs to be raised ...

Wednesday, November 30

In the third quarter, the banking sector of Ukraine showed a profit of UAH12B.

In the third quarter, the banking sector of Ukraine showed a profit of UAH12B. This profit compensated for the losses of the year’s first half, so the financial result for nine months is a net positive UAH 7.4B. The reason for the NBU’s profitability was high operational e...

The Ministry of Finance elevated rates and raised UAH 21B from military bonds.

The Ministry of Finance elevated rates and raised UAH 21B from military bonds. As the ministry reported, UAH 3.25B was raised from the placement of 6-month military bonds at 14%. UAH 255M was received from the placement of 1-year bonds, with the rate increased from 14% to 16% pe...

Ukraine’s national debt has increased to UAH 3.77T.

Ukraine’s national debt has increased to UAH 3.77T. The national debt of Ukraine for October 2022 increased by UAH 183.5B and, at the end of the month, amounted to UAH 3.771T, said Danylo Hetmantsev, head of the Verkhovna Rada Committee on Finance. In ...

Thursday, November 24

The EBRD will provide Ukrenergo with €372M to repair energy facilities.

The EBRD will provide Ukrenergo with €372M to repair energy facilities. The European Bank for Reconstruction and Development (EBRD) has approved a financing package that will provide €372M to support Ukraine’s electricity transmission company, Ukrenergo, in making swift ...

Wednesday, November 23

The US allocates an additional $4.5B of financial aid for Ukraine.

The US allocates an additional $4.5B of financial aid for Ukraine. Secretary of the Treasury Janet L. Yellen issued the following statement on the disbursement of $4.5B in direct budget support for Ukraine: “Today, the United States continued to uphold its unwaverin...

Ukraine has received $60M from the World Bank.

Ukraine has received $60M from the World Bank. Ukraine received $60M from the World Bank, which will be directed to state budget expenditures, and will ensure the remuneration of state employees and budget-funded educational institutions, both at...

The Ministry of Finance has increased the rate for military bonds to 19.25%.

The Ministry of Finance has increased the rate for military bonds to 19.25%. At the auction on Tuesday, November 22, the Ministry of Finance raised UAH 1.18B from the placement of military bonds. The rate on hryvnia 2-year securities increased to 19.25%, reported the Ministry...

The European Union announces $2.57B in funding for Ukraine.

The European Union announces $2.57B in funding for Ukraine. The European Union will provide another €2.5B ($2.57B) in financial aid for Ukraine, European Commission President Ursula von der Leyen announced on Tuesday. The EU Commission is planning to aid Ukrai...

Tuesday, November 22

Canada issues government bonds to support Ukraine.

Canada issues government bonds to support Ukraine. The Canadian government has issued government bonds on Ukraine’s behalf, the proceeds from which will be transferred to Ukraine, announced the Canadian Ministry of Finance. “In order to give Ca...

Monday, November 21

From November 14 to 18, the NBU sold $182.18M and bought $16.1M on the interbank foreign exchange market.

From November 14 to 18, the NBU sold $182.18M and bought $16.1M on the interbank foreign exchange market. According to currency intervention data, the National Bank sold $182.18M on the interbank market during the week, which is just over half of what was purchased last week, when the volume of sales from...

The EU aims for the next aid payment in early January.

The EU aims for the next aid payment in early January. The European Union should be able to provide Ukraine the first portion of a new €18B aid package starting in January if the approval process goes smoothly, the bloc’s vice president, Valdis Dombrovski...

Friday, November 18

Privatbank and Oschadbank are Ukraine’s most profitable banks in 2022.

Privatbank and Oschadbank are Ukraine’s most profitable banks in 2022. For the 10 full months of the year, Ukraine’s solvent banks generated UAH 7.37B in profit after taxes. State-owned PrivatBank became the most profitable, earning UAH 13.828B, according to data from t...

Wednesday, November 16

The NBU has expressed its expectations for the new IMF credit program.

The NBU has expressed its expectations for the new IMF credit program. The National Bank expects a full-fledged program of expanded IMF financing in 2023. This may happen following the first results from the monitoring program, the approval of which is expected at the en...

Tuesday, November 15

The largest state bank’s profits fell by more than 50%.

The largest state bank’s profits fell by more than 50%. The net profit of the state-owned PrivatBank for the first nine months of 2022 amounted to UAH 13.8B. The bank said this is UAH 7.4B (54%) less than the result for last year’s corresponding peri...

Monday, November 14

The KfW has postponed servicing a €150M loan by Ukraine until 2027.

The KfW has postponed servicing a €150M loan by Ukraine until 2027. The Cabinet of Ministers of Ukraine signed an additional agreement to the April 7, 2022 €150M loan agreement between the CMU and the Reconstruction Credit Institute (KfW). As explained by the Ministry...

Ukraine must repay UAH 100B in debt in November.

Ukraine must repay UAH 100B in debt in November. The Ministry of Finance has published the schedule for monthly state debt payments under current contracts for November 1, 2022. According to the ministry, the country must pay UAH 152.2B ($4.17B) by ...

Germany will provide €1B in aid to Ukraine.

Germany will provide €1B in aid to Ukraine. The German government has allocated an additional €1B from their 2023 federal budget to support Ukraine. The funds will be spent to ensure cyberspace security. Part of this amount will be directed to ...

Friday, November 11

The main financing source for the state budget remains printing the hryvnia.

The main financing source for the state budget remains printing the hryvnia. According to the Ministry of Finance, since the beginning of the war, the National Bank has bought UAH 340B ($10.84B) worth of government military bonds. The regulator secured this amount by issuing h...

Loans for Ukrainians have become more expensive, but the yield on deposits has not changed.

Loans for Ukrainians have become more expensive, but the yield on deposits has not changed. In October, the average interest rates on new bank loans in hryvnia amounted to 37.8% per annum. Interest rates increased by 1.6% compared to the previous month, reported the NBU. Interest rates on ne...

Thursday, November 10

Ukraine has been left without €3B worth of macro-financial aid this year but will receive €2.5B by the end of the month.

Ukraine has been left without €3B worth of macro-financial aid this year but will receive €2.5B by the end of the month. According to European Commission, the EU will not be able to allocate €3B to Ukraine, the last third of the funds provided by the €9B macro-financial assistance program. According to the Deputy Chairm...

Wednesday, November 9

Hungary refuses to contribute to €18B macro-finance aid to Ukraine.

Hungary refuses to contribute to €18B macro-finance aid to Ukraine. Hungary will not make a financial contribution to the EU’s long-term joint credit to support Ukraine’s state budget in 2023, said the Minister of Foreign Affairs of Hungary, Peter Szijjártó. “We...

The US government has asked banks to continue servicing several Russian companies.

The US government has asked banks to continue servicing several Russian companies. The US Treasury Department and the State Department have secretly asked the largest American banks, including JPMorgan and Citigroup, not to refuse cooperation with certain strategic Russian companies...

Ukraine increased its reserves by $1.3B.

Ukraine increased its reserves by $1.3B. In October, Ukraine’s international reserves increased by $1.315B (5.5%). As of November 1, reserve funds totaled $25.2B, the NBU said. Since the beginning of the year, reserves have decreased b...

Tuesday, November 8

Ukrainian banks’ 2023 profits are only 14% of last year’s.

Ukrainian banks’ 2023 profits are only 14% of last year’s. For the first nine months of the year, solvent banks earned UAH 7.4B in net profit, compared to UAH 51.4B for the corresponding period in 2022. The sector’s return on capital was 4.3% compared to 32.1...

Monday, November 7

The European Commission will provide €18B in financial assistance to Ukraine.

The European Commission will provide €18B in financial assistance to Ukraine. The President of the European Commission, Ursula von der Leyen, informed President Zelenskyy that this week she will propose a substantial financial package from the EU of up to €1.5B a month, totali...

The EU is working on the transfer of frozen assets of the Russian Federation.

The EU is working on the transfer of frozen assets of the Russian Federation. The European Union is analyzing the possibility of using part of the frozen Russian assets to restore Ukraine. As Bloomberg notes, the discussion is in an early stage, and legal experts have been task...

Friday, November 4

The Ukrainian Parliament approves the 2023 Budget.

The Ukrainian Parliament approves the 2023 Budget. The budget was backed by 295 members of parliament in its second and final reading, lawmaker Yaroslav Zheleznyak said on Telegram. Ukraine’s cabinet cut its 2023 economic growth forecast to 3.2% from...

Ukraine will receive more EU Funds in January.

Ukraine will receive more EU Funds in January. According to a senior EU official, Ukraine could receive the first installment of a new European Union financial package in January. There is broad support among member states to move quickly and acc...

Thursday, November 3

The NBU has spent more than $20B to support the hryvnia.

The NBU has spent more than $20B to support the hryvnia. In October, the National Bank of Ukraine reduced the market sale of currency to $2.08B, against $2.79B in September. At the same time, the volume of purchases remained relatively insignificant –...

Wednesday, November 2

The European Commission has prepared three financial support mechanisms for Ukraine,

The European Commission has prepared three financial support mechanisms for Ukraine, writes Politico. The European Commission wants to attract up to €18B in loans and grants to cover half of Ukraine’s expected budget deficit of $38-40B in 2023. The first option, which the Commi...

Rates on short-term hryvnia bonds increased.

Rates on short-term hryvnia bonds increased. The Ministry of Finance attracted UAH 13.35B at auctions for the sale of military bonds on November 1. According to the Ministry of Finance, revenues from the placement of hryvnia-denominated governm...

Tuesday, November 1

The NBU will continue to pursue a tight monetary policy.

The NBU will continue to pursue a tight monetary policy. To preserve macro-financial stability, the National Bank will conduct a relatively tight monetary policy for the foreseeable future. This position is supported by the members of the Monetary Policy Co...

Monday, October 31

The EU has frozen €17B in Russian assets.

The EU has frozen €17B in Russian assets. The European Union has frozen Russian assets worth more than €17B as part of the sanctions that have been placed against Russia. EU Justice Commissioner Didier Reynders believes this money can be used...

The S&P has confirmed Kyiv’s credit rating and continues to envision a stable forecast.

The S&P has confirmed Kyiv’s credit rating and continues to envision a stable forecast. The S&P Global Ratings has maintained Kyiv’s long-term credit rating at the CCC+ level. This means that the issuer is vulnerable and depends on favorable conditions to fulfill its financial ...

Friday, October 28

A gap between the financial contributions of Ukraine’s allies and its financial commitments complicates the state budget deficit.

A gap between the financial contributions of Ukraine’s allies and its financial commitments complicates the state budget deficit. The first quarter of 2023 is currently the most difficult challenge for Ukraine as far as covering the budget deficit due to the big difference between partners’ commitments to financial support and t...

Thursday, October 27

The war will restrain the recovery of lending in Ukraine.

The war will restrain the recovery of lending in Ukraine. In the third quarter, banks continued to report a slowdown in lending because of the war, the National Bank of Ukraine said. It is noted that the banks participating in a relevant survey noted a sligh...

Wednesday, October 26

The European Commission will be the center for managing aid to Ukraine.

The European Commission will be the center for managing aid to Ukraine. The European Commission is ready to become the secretariat for managing all international assistance for Ukraine’s reconstruction, said the head of the European Commission, Ursula von der Leyen, in Be...

The EU will provide Ukraine €1B in emergency aid to restore its energy infrastructure.

The EU will provide Ukraine €1B in emergency aid to restore its energy infrastructure. The target of Russia’s attacks on Ukraine is civilian infrastructure, particularly energy infrastructure. Therefore, the EU is working with Ukraine to repair this infrastructure by providing eme...

The WB grants Ukraine $500M under British guarantees.

The WB grants Ukraine $500M under British guarantees. The World Bank has allocated an additional $500M to Ukraine through the International Bank for Reconstruction and Development (IBRD) under guarantees from Great Britain announced in September, the WB ...

IMF chief says Ukraine manages its finances well but needs more money.

IMF chief says Ukraine manages its finances well but needs more money. International Monetary Fund Managing Director Kristalina Georgieva said that while Ukraine has managed its economy responsibly, huge sums will be needed to support the country. Ukraine will require $...

Monday, October 24

The European Commission has promised to pay €9B in microfinance assistance by the end of the year.

The European Commission has promised to pay €9B in microfinance assistance by the end of the year. At the EU summit, the finance ministers from the participating countries were instructed to develop a mechanism to allocate at least €18B to Ukraine in 2023, said the President of the European Commiss...

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