Finance

Tuesday, September 13

The IMF plans to discuss emergency assistance for Ukraine.

The IMF plans to discuss emergency assistance for Ukraine. The International Monetary Fund, at an informal meeting of the Board of Directors, will consider a plan to provide emergency financing to countries affected by Russia’s war against Ukraine. In p...

Ukraine’s offensive campaign has enabled the strengthening of the euro.

Ukraine’s offensive campaign has enabled the strengthening of the euro. The euro rose to a three-week high against the dollar after reports that the Armed Forces of Ukraine have conducted a successful offensive in the Kharkiv region. This signals that Ukraine will be able...

Russia has forced Europe to give $300B of its gold and currency reserves to Ukraine.

Russia has forced Europe to give $300B of its gold and currency reserves to Ukraine. The Kremlin’s energy blackmail will push Europe to hand over $300B of Russian gold and currency reserves to Ukraine as reparations. According to the Minister of Justice of Ukraine, Denys Malyus...

The ICU investment company predicts the dollar at UAH 45 and GDP growth of 4% in 2023.

The ICU investment company predicts the dollar at UAH 45 and GDP growth of 4% in 2023. According to an ICU macro forecast, Ukraine’s GDP will decrease by 32% in 2022, after which it will recover by 4% the following year. At the beginning of 2023, inflation will slow down and, by t...

Monday, September 12

Ukraine will receive $530M from the IBRD for salaries and pensions.

Ukraine will receive $530M from the IBRD for salaries and pensions. The government has decided to seek additional financing in the amount of $530M as part of implementing a joint project with the International Bank for Reconstruction and Development (IBRD) and the Int...

Household loan interest rates increased in August.

Household loan interest rates increased in August. The average interest rates on new consumer bank loans in August 2022 in hryvnia amounted to 23.1% per annum. Compared to July, rates increased by 0.4%, according to the National Bank of Ukraine. At th...

Friday, September 9

Ukraine and the IMF are discussing a new support program.

Ukraine and the IMF are discussing a new support program. According to the NBU, Ukraine turned to the IMF with an official request to begin a new lending program. The main goal of the new program would cover the budget’s payment gap, ensure macroeconomic sta...

The National Bank of Ukraine has left the key policy rate unchanged.

The National Bank of Ukraine has left the key policy rate unchanged. The Board of the National Bank of Ukraine has decided to keep its key policy rate at 25% per annum at least until the second quarter of 2024, reported the NBU. Under the current conditions, this key p...

Mastercard offers $10,000 grants to Ukrainian startups.

Mastercard offers $10,000 grants to Ukrainian startups. Mastercard has started accepting applications for the Start Path Ukraine initiative, designed explicitly for Ukrainian fintech companies and entrepreneurs to support their growth and contribute to reb...

Thursday, September 8

The Ministry of Finance has recorded the lowest demand for military bonds since the beginning of the war.

The Ministry of Finance has recorded the lowest demand for military bonds since the beginning of the war. On September 6, the Ministry of Finance attracted only UAH 47.35M to the state budget at the military bond auction of the domestic state loan (OVDP). This is the lowest value since the beginning of th...

Wednesday, September 7

Ukraine’s international reserves have increased by almost 14%.

Ukraine’s international reserves have increased by almost 14%. The Ukrainian central bank’s reserves rose 13.6% in August to $25.44B after the government received international financial assistance and froze debt payments, according to the NBU. In August, foreig...

The National Bank prints another UAH 15B.

The National Bank prints another UAH 15B. The domestic state loan bonds portfolio owned by the National Bank increased by another UAH 15B on September 6, according to NBU. As of September 5, the NBU owned government bonds with a total value o...

The volume of financial services provided by non-banking institutions decreased.

The volume of financial services provided by non-banking institutions decreased. In the second quarter of 2022, the activity of providers of non-bank financial services continued its downward trend. The volumes of basic financial services decreased, the National Bank reported. Ass...

Tuesday, September 6

The National Bank of Ukraine has recommended businesses restructure their foreign loans.

The National Bank of Ukraine has recommended businesses restructure their foreign loans. Ukrainian businesses have an urgent need to settle external business debt, and the NBU has determined that banks should recommend to their clients with existing debt to non-residents to contact credi...

For the first time during the war, Ukrainians bought more foreign currency than they sold.

For the first time during the war, Ukrainians bought more foreign currency than they sold. The amount of currency purchased by the Ukrainian population in August exceeded the amount sold by $106.9M. According to data from the national bank, the domestic net positive purchase total in August...

Thursday, September 1

Naftogaz will postpone payments for one of its Eurobond issues.

Naftogaz will postpone payments for one of its Eurobond issues. Holders of Naftogaz Eurobonds maturing in 2024 agreed to defer payments for two years, but owners of another issue of Eurobonds refused to defer payments, reported Naftogaz. Thus, 77% of investors wi...

Ukraine must pay $10B in debt by the end of the year.

Ukraine must pay $10B in debt by the end of the year. In the third and fourth quarter of 2022, the government, the National Bank, and Ukrainian enterprises must pay $10.1B, of which $7.8B is the principal debt amount and $2.2B in interest, according to t...

Wednesday, August 31

The Ukrainian Tax department has reimbursed exporters UAH 50.3B of paid VAT.

The Ukrainian Tax department has reimbursed exporters UAH 50.3B of paid VAT. Since the beginning of the year, exporters have been reimbursed UAH 50.3B in value-added tax (VAT) out of UAH 51.2B that had been agreed to be refunded. As the Chairman of the Tax Committee of the Par...

Tuesday, August 30

The US dollar has risen to a 20-year high against other currencies.

The US dollar has risen to a 20-year high against other currencies. This took place following a statement from the chairman of the Federal Reserve System, Jerome Powell, from which it became clear that interest rates will remain at high levels for an extended time to ...

More than 20 Ukrainian banks were unprofitable in the second quarter of 2022.

More than 20 Ukrainian banks were unprofitable in the second quarter of 2022. Some of the banks that maintained profitability did so as a result of reducing their costs, particularly wages, according to the Review of the Banking Sector for the second quarter. It is noted that t...

Thursday, August 25

The European Union explains the delay of €8B in aid for Ukraine.

The European Union explains the delay of €8B in aid for Ukraine. The delay in providing Ukraine with the second tranche of macro-financial assistance from the EU is due to the internal issues of the European Union, said EU Ambassador to Ukraine Matti Maasikas. Thes...

Fitch confirms the ratings of Ukrainian state banks.

Fitch confirms the ratings of Ukrainian state banks. The rating agency Fitch Ratings confirmed the long-term issuer default ratings of seven Ukrainian banks in foreign and national currency at the level of CCC- and CCC, respectively, the agency said. Th...

40% of a UAH 1T state budget was spent on the army.

40% of a UAH 1T state budget was spent on the army. Since the beginning of the full-scale war, state budget expenditures have amounted to almost UAH 1T ($29B). Of this, more than UAH 420B was spent on defense and security. According to Prime Minister D...

Tuesday, August 23

Ukrainians’ spending has returned to pre-war levels.

Ukrainians’ spending has returned to pre-war levels. In Ukraine, the number of transactions using Visa bank cards is increasing, and Ukrainians are gradually returning to pre-war spending levels, reported Forbes Ukraine. According to Visa top manager V...

More than a third of Ukrainians working in Poland send half of their earnings to Ukraine.

More than a third of Ukrainians working in Poland send half of their earnings to Ukraine. Almost 75% of employed Ukrainians in Poland send part of the funds to their relatives in Ukraine, of which more than 35% send more than half of their earnings, the Gremi Personal employment agency rep...

Friday, August 19

Fitch Ratings no longer sees a threat of Ukrainian default.

Fitch Ratings no longer sees a threat of Ukrainian default. The international agency Fitch Ratings has raised Ukraine’s long-term rating in foreign currency from RD (limited default) to CC (very high credit risk). The increase in the rating corresponds w...

The Naftogaz debt holders have refused to postpone Eurobond payments for the second time.

The Naftogaz debt holders have refused to postpone Eurobond payments for the second time. State oil and gas company Naftogaz has not received consent from creditors for a two-year bond payment postponement for the second time, Reuters writes. On August 17, in the presence of a quorum, le...

Ukrainians will be able to buy government bonds through the Diya app.

Ukrainians will be able to buy government bonds through the Diya app. In the coming weeks, Ukrainians will be offered a digital product that will allow them to avoid unnecessary complications in buying military bonds through the Diya mobile application. The President&#...

Thursday, August 18

All Ukrainian banks will join the PROSTIR national payment system.

All Ukrainian banks will join the PROSTIR national payment system. 100% of Ukraine’s terminals will accept cards from the national PROSTIR card payment system, the NBU reported. This will result from UKRSIBBANK joining the PROSTIR system and configuring all it...

The money transfer volume to Ukraine has decreased by 6.2%.

The money transfer volume to Ukraine has decreased by 6.2%. According to data from the National Bank of Ukraine, money transfers from overseas to Ukraine have decreased by 6.2% and amounted to $6.46B in the first half of the year. At the same time, remittances...

Wednesday, August 17

Ukraine’s budget deficit next year might reach $30B.

Ukraine’s budget deficit next year might reach $30B. The Ministry of Finance predicts a 2023 state budget deficit at between $25B and $30B, reported Forbes. As Finance Minister Serhii Marchenko noted , $30B is the amount Ukraine hopes to receive from in...

The hryvnia’s purchasing power will drop by at least half.

The hryvnia’s purchasing power will drop by at least half. According to the head of the National Bank, Kyrylo Shevchenko, even the current 22.2% consumer inflation per year is a significant reduction, by almost a quarter, of the real disposable income of citi...

In the second quarter, banks’ liquidity and operating profitability increased.

In the second quarter, banks’ liquidity and operating profitability increased. According to the National Bank, banks’ net assets increased by 3.3% in the second quarter and came close to their pre-war levels. Net hryvnia corporate loans increased by 5.3%, while foreign cu...

Zelenskyy signs a law on the work of the financial sector during the war.

Zelenskyy signs a law on the work of the financial sector during the war. The President of Ukraine, Volodymyr Zelenskyy, signed a law that extends the current financial restructuring until January 1, 2028. The document also clarifies the NBU’s right to buy military bo...

Tuesday, August 16

By the end of the year, Ukraine expects to receive another $12 to 16B from the West.

By the end of the year, Ukraine expects to receive another $12 to 16B from the West. Since the beginning of the war, foreign partners have already provided Ukraine with $14B. The Finance Ministry expects to receive another $12 to 16B by the end of the year, said Finance Minister Serhi...

Ukrainian merchants are obliged to introduce cashless payments by 2026.

Ukrainian merchants are obliged to introduce cashless payments by 2026. From January 1, 2023, all merchants working in cities with a population of more than 25,000 people must provide a cashless payment method for selling goods and services. Exceptions for trade enterpris...

Monday, August 15

The Export Credit Agency has supported UAH 188M in exports.

The Export Credit Agency has supported UAH 188M in exports. The Export Credit Agency (ECA) insured exporters’ credit contracts totaling UAH 188M ($5.1M), the Ministry of Economy reported. The program’s bank partners approved 18 applications, which provide for ...

A $5B IMF loan will help Ukraine to attract new financial aid.

A $5B IMF loan will help Ukraine to attract new financial aid. A $5B loan from the International Monetary Fund will help convince foreign creditors that Ukraine’s macroeconomic situation is under control, said the adviser to the President of Ukraine, Oleg U...

The financial stability of businesses has slightly improved.

The financial stability of businesses has slightly improved. The number of companies that claim that their monetary reserves are sufficient for a period of more than a year has increased from 19% to 30% since May, the EBA reported. Currently, 30% of companies c...

Friday, August 12

Ukraine will receive more than $1.55B in aid from allied countries.

Ukraine will receive more than $1.55B in aid from allied countries. A group of 26 nations have pledged more than $1.55B (€1.5B) in assistance to Ukraine, Danish Defense Minister Morten Bødskov said after hosting ministers from allied countries in Copenhagen for a conf...

Ukrenergo and Ukravtodor Eurobond holders agreed to defer payments.

Ukrenergo and Ukravtodor Eurobond holders agreed to defer payments. Owners of Eurobond from the state highway agency of Ukraine (Ukravtodor) and Ukrenergo have decided to delay interest payments and postpone the maturity date for two years, announced the London Stock ...

Thursday, August 11

Ukraine’s bond holders agreed to defer payment until 2024.

Ukraine’s bond holders agreed to defer payment until 2024. Ukraine won approval for a debt-payment freeze from the holders of its international bonds, gaining relief for a budget devastated by Russia’s invasion. Investors representing around 75% of $19.6B wo...

Wednesday, August 10

The Ministry of Finance has attracted almost UAH 3.5B from the placement of military bonds.

The Ministry of Finance has attracted almost UAH 3.5B from the placement of military bonds. The government has managed to increase the funds raised from the placement of securities to UAH 3.45B following an increase in their interest rates. The placements of military bonds were as follows: U...

The Ukrainian stock market resumes trading after an almost six-month hiatus.

The Ukrainian stock market resumes trading after an almost six-month hiatus. The index of the Ukrainian Stock Exchange, which has not been traded since February 24, changed for the first time since the war began. By the market’s close, the index had decreased by only 0.64% to...

Holders of Ukraine’s GDP warrants approve the restructuring proposal.

Holders of Ukraine’s GDP warrants approve the restructuring proposal. Holders of 91% of the notional value of GDP warrants in circulation have approved Ukraine’s proposal to postpone payments and revise their terms. It is noted that holders of approximately 93% of...

Tuesday, August 9

The US will allocate $4.5B in additional financing for Ukraine.

The US will allocate $4.5B in additional financing for Ukraine. The World Bank Group today announced $4.5B in additional financing mobilized for Ukraine under the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE), reported the World Ban...

Germany promises to release €8B in aid from the EU.

Germany promises to release €8B in aid from the EU. Germany will help Ukraine to quickly receive the next €8B in macro-financial assistance from the EU and will take the lead in this process, said German Finance Minister Christian Lindner. The Prime Mi...

Ukraine has submitted an official proposal for a new special program to the IMF.

Ukraine has submitted an official proposal for a new special program to the IMF. This was stated by the Prime Minister of Ukraine, Denys Shmyhal, during an online conversation with the Minister of Finance of Germany, Christian Lindner. According to the prime minister, the letter w...

Friday, August 5

The EU will allocate €8B to Ukraine by September.

The EU will allocate €8B to Ukraine by September. The European Union will agree on a new financial assistance package for Ukraine by September. It will amount to about €8B, writes Daily Maverick. Sources in the German government note that part of the...

Thursday, August 4

President Zelenskyy’s office claims that Germany and other countries have blocked €8B of macro-finance.

President Zelenskyy’s office claims that Germany and other countries have blocked €8B of macro-finance. The statement was made by the president’s adviser, Ihor Zhovkva, at a briefing on Tuesday. He added that regarding the €8B, “Unfortunately, certain states of the European Union, in partic...

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