Finance

Thursday, June 2

The prolonged war is forcing a change in monetary policy.

The prolonged war is forcing a change in monetary policy. The need to change monetary policy, which the National Bank of Ukraine raised, is due to the economy’s need to adapt to the protracted war, said a member of the NBU Council, Viktor Kozyuk. “Thre...

Wednesday, June 1

The EU summit agreed on an oil embargo, but with exceptions.

The EU summit agreed on an oil embargo, but with exceptions. The European Union overcame the resistance of several skeptical states and made a political decision to impose an oil embargo on Russia. European Council President Charles Michel stressed that the dec...

The EU will provide €9B in macro-financial support to Ukraine.

The EU will provide €9B in macro-financial support to Ukraine. European Union leaders have decided to provide Ukraine with a €9B loan to meet urgent budget needs, stated European Commission President Ursula von der Leyen. Currently, Ukraine needs about €5B a mon...

Military bonds can be purchased through the e-government Diia app.

Military bonds can be purchased through the e-government Diia app. The portal and Diia application will be replenished with new features, including buying military bonds and accessing some e-notary services, said Minister of Digital Transformation Mikhail Fedorov. Th...

The budget receives another UAH 3B from the sale of military bonds.

The budget receives another UAH 3B from the sale of military bonds. On Tuesday, at an auction for the sale of military bonds, the state raised more than UAH 3B ($94M) to the budget. Investors were offered five bond issues, one of which was a dollar issue with a maturi...

The Ministry of Economy recorded a record demand for 5-7-9% loans.

The Ministry of Economy recorded a record demand for 5-7-9% loans. Since May, there has been a record number of requests from businesses for soft loans under the state program Affordable Loans 5-7-9%, which indicates the desire of entrepreneurs to resume business as...

Ukraine has approved the terms of a soft loan from Canada for CAD 1B.

Ukraine has approved the terms of a soft loan from Canada for CAD 1B. The Cabinet of Ministers has approved the terms of a soft loan from Canada in the amount of CAD 1B, reported the Ministry of Finance. It is noted that the loan will be provided on favorable terms with...

Tuesday, May 31

The NBU expects inflation of 17% in May and might increase bond rates.

The NBU expects inflation of 17% in May and might increase bond rates. The National Bank expects prices to rise by 17% year on year in May and considers it necessary to raise interest rates on government bonds, said the head of the NBU, Kyrylo Shevchenko, on ZN.UA. He n...

The new program with the IMF should support macro-financial stability.

The new program with the IMF should support macro-financial stability. The new program with the International Monetary Fund (IMF) should become an essential element in supporting macroeconomic stability, said the chairman of the National Bank of Ukraine, Kyrylo Shevchenk...

Foxtrot stores have launched cryptocurrency payments through Binance Pay.

Foxtrot stores have launched cryptocurrency payments through Binance Pay. Foxtrot’s chain of electronics and home appliance stores has launched the ability to pay for goods in their online store and retail outlets with cryptocurrency using Binance Pay, reported Speka...

Monday, May 30

The NBU sold a record amount of currency this week.

The NBU sold a record amount of currency this week. The volume of currency sales by the National Bank of Ukraine in the fourth week of May set a sales record for the period of time since the beginning of the war, $1.43B, reported the NBU. The National ...

Friday, May 27

Ukraine’s international reserves in May stand at $27B.

Ukraine’s international reserves in May stand at $27B. At the beginning of May, the level of international reserves in Ukraine amounted to about $27B. According to Deputy Chairman of the National Bank of Ukraine (NBU) Serhiy Nikolaychuk, Ukraine spends ...

Thursday, May 26

Russia will not be able to service its public debt in dollars.

Russia will not be able to service its public debt in dollars. The US Treasury Department has announced that it will not renew the general license that temporarily allowed Russia to make payments to service its foreign debt in dollars while under sanctions. “The ...

Ukraine needs to return to the pre-war tax system.

Ukraine needs to return to the pre-war tax system. Minister of Finance Serhiy Marchenko believes that Ukraine should return to the pre-war tax system. “I believe that Ukraine needs to return to the pre-war tax system. We need to decide what we w...

Ukraine wants to expand its loan program for farmers.

Ukraine wants to expand its loan program for farmers. The Ministry of Agrarian Policy is initiating the expansion of affordable lending for farmers working in agricultural processing. Deputy Minister Taras Vysotsky stated that the financing of the sowin...

Wednesday, May 25

The Ukraine Ministry of Finance has placed UAH 12.6B in military bonds.

The Ukraine Ministry of Finance has placed UAH 12.6B in military bonds. On May 24, the Ministry of Finance placed more than UAH 12.6B ($40M) worth of military bonds, which is almost twice as much as last week, announced the Ministry of Finance. The placement was as follo...

Ukraine will receive only $2B from its international partners in May.

Ukraine will receive only $2B from its international partners in May. In May 2022, Ukraine will receive up to $2B from its international partners against the required $5B per month, said Finance Minister Serhiy Marchenko. Unfortunately, we will not have $5B in May. So ...

Tuesday, May 24

Ukraine presented a plan for economic victory in Davos.

Ukraine presented a plan for economic victory in Davos. At the opening of the World Economic Forum, the First Deputy Prime Minister of Ukraine, Yulia Svyrydenko, presented to its participants the plans that Ukraine needs to implement to win the war. Ukrain...

The Ukrainian banking sector remains profitable.

The Ukrainian banking sector remains profitable. The net operating profit of the banking sector for the four months of 2022 increased by 10%, despite a reduction in this figure in March-April. But due to significant contributions to reserves, the b...

Monday, May 23

Moody’s downgrades Ukraine’s sovereign credit rating.

Moody’s downgrades Ukraine’s sovereign credit rating. The Moody’s rating agency downgraded Ukraine’s long-term credit rating from Caa2 to Caa3 and negatively changed the outlook. The downgrade is due to increased risks in servicing Ukraine’s publi...

Ukraine’s foreign debt should be restructured.

Ukraine’s foreign debt should be restructured. Former Chairwoman of the National Bank of Ukraine Valeriia Hontareva believes that Ukraine’s external debt should be restructured by postponing payments for five to ten years, reported NV.ua. “...

Ukrainians are spending $100M per day on hryvnia cards abroad.

Ukrainians are spending $100M per day on hryvnia cards abroad. The daily volume of operations abroad on hryvnia cards issued in Ukraine is about $100M, creating significant pressure on the country’s reserves, said NBU top manager Alexei Lupin. On May 21, ...

Friday, May 20

Ukraine’s Eurobonds rose by 10% in two days.

Ukraine’s Eurobonds rose by 10% in two days. Ukrainian Eurobond prices rose by an average of 7.5% on May 18, when new EU macro-financial assistance to Ukraine was announced, reported Interfax-Ukraine. Given the proximity of the payment deadline,...

The World Bank will allocate $30B for global food security due to the war in Ukraine.

The World Bank will allocate $30B for global food security due to the war in Ukraine. The World Bank has announced plans to give more than $30B to projects in order to meet the world’s food security challenges, which have sharpened since Russia’s undertaking of a major war ...

Thursday, May 19

The US will likely block Russian debt payments.

The US will likely block Russian debt payments. On Wednesday, US Treasury Secretary Janet Yellen signaled that US officials would probably end up carving out a loophole in Western sanctions that have allowed Russia to continue making payments on i...

S&P has worsened its forecast of GDP growth for the largest countries in 2022-2023.

S&P has worsened its forecast of GDP growth for the largest countries in 2022-2023. The GDP growth decline is influenced by the scenario of a prolonged and exacerbated war between Russia and Ukraine. Since the last forecast by S&P in late March, several macroeconomic indicators...

Ukraine might return to import taxation.

Ukraine might return to import taxation. The National Bank of Ukraine (NBU) supports the return to import taxation, confident that the list of critical imports can be financed, reported Interfax-Ukraine. “At the moment, we believe that...

Wednesday, May 18

Germany is exploring options to confiscate the Central Bank of Russia’s assets for the reconstruction of Ukraine.

Germany is exploring options to confiscate the Central Bank of Russia’s assets for the reconstruction of Ukraine. German Finance Minister Christian Lindner said he was open to the idea of seizing the Russian Central Bank’s assets to finance Ukraine’s reconstruction, reported German newspaper Handelsblatt...

G7 finance ministers plan to allocate €15B in aid to Ukraine.

G7 finance ministers plan to allocate €15B in aid to Ukraine. The finance ministers of the G7 want to agree on a €15B financial aid package for Ukraine at a meeting in Bonn this week, reported Reuters. The package will provide three months of short-term financin...

The Ministry of Finance has placed UAH 7.45B in military bonds.

The Ministry of Finance has placed UAH 7.45B in military bonds. The Ukraine Ministry of Finance sold UAH 7,5B ($254M) worth of military bonds at an auction on May 17. Short-term 3-month securities attracted UAH 1.3B ($44.3M) to the budget at 9.5% per annum, 6-mon...

The EU approved a one-year suspension of import duties on Ukrainian products.

The EU approved a one-year suspension of import duties on Ukrainian products. The European Parliament’s Committee on International Trade has approved the suspension of EU import duties on Ukrainian products for a year in order to support Ukraine’s economy. The provi...

The State Savings Bank Oschadbank has resumed lending for the purchase of cars.

The State Savings Bank Oschadbank has resumed lending for the purchase of cars. Ukrainian customers can now use the Savings Drive program again. Loans are provided for the purchase of new vehicles, including electric vehicles with interest rates from 0.01% per annum. “Grow...

Tuesday, May 17

The EU prepares a new package of financial assistance for Ukraine.

The EU prepares a new package of financial assistance for Ukraine. The European Commission intends to propose a new financial aid package to Ukraine on Wednesday, which includes new loans to provide immediate liquidity to Kyiv and commitments to long-term financing ...

The EU’s €500M military aid package for Ukraine will be spent on heavy weapons.

The EU’s €500M military aid package for Ukraine will be spent on heavy weapons. EU Foreign Minister Josep Borrell intends to announce a new tranche of military aid to support Ukraine and revealed how the €500M would be used. “The money will go for the purchase of heavy wea...

The Ministry of Finance has launched a website for the purchase of Ukraine’s military bonds.

The Ministry of Finance has launched a website for the purchase of Ukraine’s military bonds. The Ministry of Finance of Ukraine has launched a new website with information on military bonds. Ukrainian citizens, business representatives, and foreign investors can contribute to accelerating Ukr...

The EU commission downgrades GDP and inflation forecasts.

The EU commission downgrades GDP and inflation forecasts. The European Commission has downgraded its economic growth forecasts for the EU and the eurozone to 2.7% over the next two years. Inflation in 2022 is projected at 6.1% in the euro area and 6.8% in th...

The NBU might return to Ukraine’s floating currency exchange rate.

The NBU might return to Ukraine’s floating currency exchange rate. The National Bank of Ukraine is considering the return to the floating exchange rate to increase stability in the foreign exchange market, said the head of NBU, Kyrylo Shevchenko. Since the war, the N...

Monday, May 16

The G7 countries’ support for Ukraine will include weapons, money, and reconstruction assistance.

The G7 countries’ support for Ukraine will include weapons, money, and reconstruction assistance. The G7 countries call on Russia to withdraw all its troops from Ukraine immediately and say they do not recognize any new borders other than those that are internationally defined and will provide Ukr...

The G7 countries will allocate up to €30B to Ukraine.

The G7 countries will allocate up to €30B to Ukraine. At a meeting of the G7 finance ministers, they expressed a willingness to initiate budget support for Ukraine worth almost €30B, reported Spiegel.de. According to the participants in the talks, Ukrain...

The US will approve $40B in aid to Ukraine this Wednesday.

The US will approve $40B in aid to Ukraine this Wednesday. US Senate Republican Leader Mitch McConnell said he expected the Senate to vote on Wednesday to approve about $40B in proposed aid to help Ukraine repel Russia’s invasion after holding a relate...

Friday, May 13

The President of the EIB has supported a multi-trillion plan to rebuild Ukraine.

The President of the EIB has supported a multi-trillion plan to rebuild Ukraine. A top European official has backed a multi-trillion-euro ‘Marshall’ style plan to rebuild Ukraine, pledging the firepower of the EU’s lending arm for what he said must be a global rescue effort. Werne...

Ukraine nationalizes “daughters” of Sberbank and Prominvestbank.

Ukraine nationalizes “daughters” of Sberbank and Prominvestbank. The National Security and Defense Council has decided to nationalize the corporate rights of the Ukrainian “daughters” of the Russian Sberbank and Prominvestbank, given ten days after the ...

The share of non-performing loans in banks amounts to 27.1%.

The share of non-performing loans in banks amounts to 27.1%. In April, the share of non-performing loans in the banking sector of Ukraine increased to 27.1% compared to 26.6% in March, reported the National Bank of Ukraine. In March, the volume of non-performi...

Thursday, May 12

The Guarantee Fund has resumed the sale of liquidated bank assets.

The Guarantee Fund has resumed the sale of liquidated bank assets. The Deposit Guarantee Fund has resumed the sale of assets of liquidated banks. Soon, information about the first lots will be entered into the Prozorro Sales platform. “Real estate properties t...

Wednesday, May 11

The European Commission will issue debt securities to support Ukraine.

The European Commission will issue debt securities to support Ukraine. The European Commission plans to issue new EU debt to cover Ukraine’s short-term financing needs over the next three months. The plan is to raise €15B, reported POLITICO. According to the Ukrainian ...

The EBRD has downgraded Ukraine’s economic downturn in 2022 and improved its outlook for 2023.

The EBRD has downgraded Ukraine’s economic downturn in 2022 and improved its outlook for 2023. The European Bank for Reconstruction and Development (EBRD) has downgraded the forecast for Ukraine’s economic decline due to the war to 30%, while at the end of March, the forecast was minus 20...

Small and medium-sized businesses in Ukraine have lost $85B.

Small and medium-sized businesses in Ukraine have lost $85B. Small and medium-sized enterprises (SMEs) have suffered direct losses of $64-85B in the 75 days since the war began, stated the Advanter Group. SMEs have a total funding need of $54B, with 87% of com...

Russian assets in Ukraine will be transferred to the state.

Russian assets in Ukraine will be transferred to the state. At today’s meeting, the Cabinet of Ministers approved a document according to which Russian assets in Ukraine will be transferred to the state, stated Prime Minister Denys Shmyhal. According to ...

Tuesday, May 10

The macroeconomic situation and the banking system in Ukraine are stable.

The macroeconomic situation and the banking system in Ukraine are stable. Despite the full-scale war of the Russian Federation against Ukraine and the loss of about 30% of the economy due to the shutdown and destruction of many enterprises, the macroeconomic situation and ...

Ukraine will receive $10B of support, of which $4.5B has already been received.

Ukraine will receive $10B of support, of which $4.5B has already been received. “We have already negotiated funds to support Ukraine through various instruments: loans, grants, aid, projects $ 10 B, and we already received more than $ 4.5 B,” said Prime Minister Denys Shmyhal fo...

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