Last year, Ukraine’s energy sector delivered ₴115B to the budget. This total refers to contributions from the payment of excise duty and rent of energy sector enterprises, which are 17% more than in 2022, reported DiXi Group. It is noted that the taxpayers remitted ... #EnergysectorUkraine #energyukraine #ExciseDuty #OilCompaniesUkraine #TaxesToTheBudget #UkraineBudget2024
Ukraine approves the capital market reform that is necessary for a World Bank loan. The Ukrainian Parliament adopted a law regulating and supervising capital markets and organized commodity markets in general. “This is an important European integration law, which is also a beac... #CapitalMarket #IrynaGerashchenko #ReformsinUkraine #UkrainianParliament #worldbank
A German bank has transferred €1.4B to Ukraine for humanitarian aid and infrastructure support. The German State Development Bank KfW, on behalf of the German and EU governments, will support Ukraine by implementing more than 40 projects totaling more than €1.4B. In particular, the funds will be... #AidforUkraine #HumanitarianAid #KfW #SupportUkraine
Japan allocates more than $12B in aid to Ukraine. Prime Minister Denys Shmyhal reported that Japan will provide Ukraine with $12.1B in aid, including previously announced and allocated amounts. “This is, in particular, a grant worth $4.7B, which we w... #DenysShmyhal #EmergencyRecoveryProgram #JapanAidForUkraine #UkraineRecovery
The EU proposes issuing €100B worth of Eurobonds to stimulate its defense industry. The EU should work on a plan to issue €100B worth of Eurobonds to promote the continent’s defense industry while doing more to provide arms to Ukraine, said Estonian Prime Minister Kaja Kallas. ... #EUdefense #Eurobond #KajaKallas #SupportUkraine
The government is considering raising taxes as part of the IMF program. The Cabinet of Ministers is considering a plan to increase budget revenues by 0.5% of GDP, which Ukraine must present within the IMF program. To that end, the government plans to introduce additional ... #IMFprogramm #TaxesinUkraine #taxreform #UkraineBudget2024 #VATtaxesinUkraine
Ukrainian businesses increased the volume of soft loans by 34% over the year. The total volume of loans granted under the Affordable Loans 5-7-9% program increased by 2% in the fourth quarter of 2023 and by 34% for the entire year, according to the Banking Sector Review for Feb... #5-7-9loanprogram #AffordableLoans #CreditPortfolio #financeUkraine #LoansUkraine #nbu
The US Ministry of Justice handed over $500,000 of confiscated Russian funds to Ukraine, though Euroclear opposes it. Confiscated funds will be transferred directly to Estonia and further allocated to Ukraine through a project to accelerate damage assessment and critical repairs of the Ukrainian electricity system. T... #Euroclear #RussianAssetsConfiscation #RussianAssetsProfits #UkraineRecovery
Last year, banks in Ukraine earned 100% more than before the beginning of the war and almost completely paid off their refinancing debts. In 2023, Ukrainian banks produced almost ₴160B in pre-tax profit, 100% more than before the start of the full-scale invasion. Banks will have to pay a tax of half their total profit – more than ... #financeUkraine #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
Top international lawyers explain why confiscating and transferring Russian assets to Ukraine is legal and important for the entire world. Former US diplomat Philip Zelikow and a large group of international lawyers plan to publish an open letter next week arguing that the West is taking too narrow a view of customary international law. ... #PhilipZelikow #ReparationsForUkraine #RussianAgression #RussianAssetsConfiscation #RussianWarcrimes
Ukraine expects to receive $4B from Russian assets frozen in the G7 countries and the EU. According to Deputy Minister of Justice Iryna Mudra, Ukraine can receive $15-18B over the course of four years, including about $4B this year. “There is moderate optimism that the EU Council wil... #Euroclear #IrynaMudra #ReparationsForUkraine #RussianAssets #RussianAssetsProfits #RussianCentralBank
Western aid to Ukraine exceeds the Marshall Plan. The head of the EBRD, Odile Renaud-Basso, in response to criticism, called the support of Ukraine from the West “huge” in terms of the share of support from GDP, and points out that it ove... #ebrd #EUbudget #financialaidforUkraine #OdileRenaudBasso #SupportUkraine #UkraineFacility
During the war, the exodus of foreign exchange from Ukraine increased by 100%. The NBU plans to gradually abolish currency restrictions, but at the same time, asks businesses to return foreign exchange revenues on time and in full and avoid fictitious import schemes, said NBU Ch... #AndriiPyshnyi #CurrencyMarket #CurrencyRestrictions #financeUkraine #nbu
The IMF has created a trust fund to attract $65M to support reforms in Ukraine. The IMF has announced the official opening of a Ukraine Capacity Development Fund (UCDF) to support economic and financial reforms in Ukraine over the next five years. The fund’s goal is to attr... #imf #ReformsinUkraine #SupportUkraine #TrustFund #UCDF
A diplomat reveals the conditions for Ukraine receiving €50B from the EU and suggests a possible revision of the amount. Permanent representative of Ukraine to the EU Vsevolod Chentsov, answering questions about the conditions European partners are preparing to put forward to Kyiv for receiving €50B over four years, not... #EUfinancialAid #SupportUkraine #UkraineFacility #VsevolodChentsov
During the second year of the war, banks increased their profits by 300%. In 2023, solvent Ukrainian banks earned ₴86.5B in net profit. “This is almost four times higher than the figure for 2022 and 12% higher than the results of 2021, before the full-scale invasion,&... #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
Ukrainians have begun withdrawing money from banks, and the volume of deposits decreased for the first time in a year and a half. Consumer deposits in Ukrainian banks decreased by 2.1% to ₴2.35T in January of this year. A decline was recorded for the first time since August 2022. According to the NBU, household deposits decrease... #DanyloHetmantsev #financeUkraine #HryvniaDeposits #nbu #UkraineDeposits
The EU will reserve profits from the Russian Federation’s frozen assets for Ukraine’s recovery. The Council of the EU adopted decisions and regulatory rules defining the obligations of EU Central Securities Depositories (CSDs) that are holding frozen assets and reserves belonging to the Central ... #RussianAssetsArrested #RussianAssetsProfits #RussianCentralBank #UkraineFund #UkraineReconstruction
An IMF team arrived in Kyiv to discuss reforms and financing for this year. The IMF team will participate in the inaugural meeting of the Steering Committee of the Fund for the Development of Potential of Ukraine, which the IMF administers. After these meetings, on February 1... #DenysShmyhal #EFFprogram #GavinGray #imf #IMFprogramm
At the request of the IMF, Ukraine develops a war risk insurance system. The National Bank of Ukraine reported that the Financial Stability Board approved a conceptual memorandum for creating a fully functional war risk insurance system in Ukraine. This is stipulated by th... #imf #InsuranceUkraine #MilitaryRiskInsurance #nbu
The EU has proposed a new way to finance aid to Ukraine. EU Commissioner for Environmental Affairs Virginijus Sinkevičius suggests that the EU should additionally tax Western companies doing business in Russia to help Ukraine. He said that it is essential t... #EUfinancialAid #RussianAssets #RussianCentralBank #UkraineFacility #VirginijusSinkevičius #WesternCompaniesInRussia
Bank loans for Ukrainians are becoming more expensive, but the profitability of deposits is decreasing. According to the NBU, the national currency’s average interest rates on new consumer loans in January 2024 amounted to 34.6% per annum. The hryvnia’s nominated loan rates increased by 0.9 ... #BankDepositsinUkraine #BankLoans #CreditPortfolio #financeUkraine #HryvniaDeposits #nbu
Ukraine has increased its budget revenues, but the deficit reaches 34% of all revenues. From January 1 to February 8, budget revenues increased by 26.9% compared to last year, the NBU reported. Without international financial aid, they increased by 60% due to a 70% increase in tax revenu... #BudgetDeficit #financeUkraine #nbu #TaxesUkraine #UkraineBudget2024 #UkraineBudgetRevenue #UkraineEconomy
Without help from the US, Ukraine will have to expand its borrowing: What else is foreseen in Ukraine’s Plan B? Ukraine is working on a plan to cover the budget deficit without US support. The plan includes three elements: expanding domestic bond sales, raising taxes, and cutting spending. It is to be proposed ... #financialaidforUkraine #UkraineBudget2024 #UkraineBudgetDeficit #UkraineEconomy #UkraineFacility
Last year, the amount of mortgage loans issued in Ukraine increased by 400%. In 2023, Ukrainian banks issued 6,114 mortgage loans for a total of ₴9.1B. According to a National Bank survey, the volume of consumer mortgage loans increased almost fivefold in 2023 compared to the ... #eOselya #LoansUkraine #MortgagesUkraine #nbu #UkrainianBanks
The NBU has developed a concept for a military-risk insurance mechanism. It has already been agreed upon within the Ministry of Economy and Finance, reported a Deputy Head of the NBU, Kateryna Rozhkova. According to her, this concept provides for mandatory insurance of mil... #InsuranceUkraine #KaterynaRozhkova #MilitaryRiskInsurance #nbu
Over the past year, the share of NPL loans in the banking system decreased to 37.4%. As noted by the NBU, this is 0.8 percentage points below the January 1, 2023, indicator. The volume of NPL decreased by ₴9.7B for the year to ₴422.4B. The regulator explained that the key factor in re... #financeUkraine #LoanPortfolio #nbu #NPL #NPLukraine #UkraineBankingSystem
Credit rating agency Fitch Ratings has assessed Ukraine’s banking sector. Ukraine’s banking sector has demonstrated considerable resilience during the war, aided by supportive monetary policy and lenient regulation, Fitch Ratings notes. “We expect the main lendi... #CreditRatingUkraine #financeUkraine #FitchRatings #UkraineBankingSector #UkraineEconomy
The NBU is preparing for the second stage of currency policy liberalization. The head of the National Bank, Andriy Pyshnyi, said at a meeting with businesses: “The NBU is determined to continue currency liberalization despite all the challenges posed by the war. We will ... #AndriiPyshnyi #CurrencyLiberalization #financeUkraine #nbu #Ukrsibbank #YuriGeletiy
The Kremlin threatens the West with years of trials and cyberattacks for trying to use its assets for Ukraine. Russia is threatening to initiate lengthy legal disputes in international courts if the G7 countries and the EU decide to use the frozen assets of the Russian Central Bank to restore Ukraine, said the... #DmytriyPeskov #Euroclear #RussianAssets #RussianAssetsConfiscation #RussianCentralBank
The European Parliament and the Council of the EU agree on a €50B Ukrainian fund. The new fund will combine EU budget support into a single instrument, providing Ukraine with broad, predictable, and flexible assistance for 2024-2027. The fund will consist of three components. The f... #EUfinancialAid #EuropeanIntegration #EuropeanParliament #UkraineFacility
The NBU predicts a further decrease in the key policy rate. Most of the members of the Monetary Policy Committee of the National Bank predict a reduction of the discount rate to 14% by the end of the year. They believe that the NBU can return to lowering the d... #financeUkraine #KeyPolicyRate #nbu #UkraineEconomy #UkraineMonetaryPolicy
State-owned companies must pay 80% of their profits in the form of dividends. The Cabinet of Ministers reported that the basic norm for deducting the share of profit directed to paying dividends for enterprises whose charter capital includes state corporate rights should be 80%... #Naftogaz #OschadbankUkraine #TaxesToTheBudget #TaxesUkraine #UkraineStateOwnedEnterprises #UkrainianRailways #Ukrnafta
The NBU explains why the hryvnia strengthened at the beginning of the year. In January 2024, the situation on Ukraine’s foreign exchange market gradually improved, recovering amidst the fading effects of significant budget expenditures at the end of the year, explained NBU De... #AndriiPyshnyi #financeUkraine #Hryvnia #hryvniaexchangerate #nbu #UkraineEconomy #YuriGeletiy
Ukraine’s allies plan to direct frozen Russian assets to help Ukraine without their immediate confiscation. According to a plan proposed by Belgium, the allies could issue debt obligations to finance Ukraine’s needs, using the assets of the Russian Federation as collateral to guarantee repayment of the debt... #Euroclear #ReparationsForUkraine #RussianAssets #RussianAssetsConfiscation #RussianCentralBank
The banking sector expects loan portfolios to grow during the year. According to the results of a quarterly NBU survey on lending conditions, improvement in the main indicators continues to be observed – most respondents expect an increase in lending to enterpri... #financeUkraine #LoanPortfolio #LoansUkraine #MortgagesUkraine #nbu
EU leaders have supported €50B in Ukrainian aid over four years. On February 1, all 27 leaders of the EU member states politically endorsed the launch of the €50B Ukraine Facility for 2024-2027. Most of these funds will ensure Ukraine’s social and humanitaria... #EUfinancialAid #EUsummit #UkraineBudget2024 #UkraineFacility
Ukraine expects the first €4.5B from the new EU package in March; here is what the program provides. The European Parliament must approve the €50B Ukraine Facility program, previously approved by the European Council, during the plenary session scheduled for February 26-29, 2024. The first payment of... #EUfinancialAid #EUsummit #UkraineBudget2024 #UkraineFacility #VictorOrban
An international depository earned more than €4B on frozen Russian assets. The financial group Euroclear earned €4.4B in 2023 on Russian assets that were frozen due to EU sanctions. This is about 80% of all interest income of the group. Aggregate net interest income, includi... #Euroclear #ReparationsForUkraine #RussianAssets #RussianAssetsConfiscation
The EU has a compromise solution to allocate €50B for Ukraine. EU leaders will agree to the terms of Hungarian Prime Minister Orban, who insists on an annual review of financial assistance to Ukraine as part of a four-year, €50B package. Budapest wants not only a... #EUfinancialAid #HungaryVeto #SupportUkraine #UkraineFacility #VictorOrban
The EU supports the transfer of profits from frozen Russian assets to Ukraine, but there is a lack of economic power for confiscation. On January 29, the ambassadors of the EU gave their support to a proposal to use the profits from the frozen assets of the Russian Federation to help Ukraine. The EU must approve the first step, separ... #EUCouncil #ReparationsForUkraine #RussianAssets #RussianAssetsConfiscation #RussianCentralBank
Ukraine’s national debt grew 30.4% last year to a new historical high. As of December 31, 2023, the state’s and state-guaranteed debt amounted to ₴5.519T, or $145.32B, reported the Ministry of Finance. The ratio of national debt to GDP was 85%. State and state-guaranteed... #DanyloHetmantsev #financialaidforUkraine #GDPinUkraine #UkraineBudget2024 #ukrainedebt #UkraineEconomy
Eurobond prices are up amid lingering uncertainty about US aid. According to ICU, Ukrainian Eurobond prices rose last week in response to the anticipated approval of the EU aid package for Ukraine, while assistance from the US is still uncertain. Last Tuesday ende... #EFFprogram #financeUkraine #financialaidforUkraine #UkraineSecurities #Єврооблігації
Ukraine is preparing for the second stage of currency liberalization. The head of the National Bank, Andriy Pyshnyi, specified that he foresees an easing of trade financing and the possibility of paying interest on the obligations of Ukrainian issuers. At the same time,... #AndriiPyshnyi #CurrencyLiberalization #financeUkraine #ICC #nbu #VolodymyrShchelkunov
All EU members have already agreed on the provision of €50B to Ukraine. Prime Minister of Ukraine Denys Shmyhal said that all 27 EU member states agreed to support the four-year €50B Ukraine Facility program and will approve it on February 1. If nothing changes, this year... #EdgarsRinkevics #EUfinancialAid #OlenaShulyak #UkraineBudget2024 #UkraineEconomy #UkraineFacility
Ukraine plans to launch war risk insurance in 2024. The Export Credit Agency (ECA) plans to start insuring investments against military and political risks in the second quarter of the year, the EBA reports. The association reminds us that this year, a... #ECA #InsuranceUkraine #InvestmentsinUkraine #MilitaryRiskInsurance
The US Senate support the confiscation of Russian assets in favor of Ukraine. The US Senate Foreign Affairs Committee approved a bill that would help Washington confiscate Russian assets and hand them over to Ukraine in compensation for the devastation caused by the Russian war... #BenCardin #ReparationsForUkraine #RussianAssetsConfiscation #RussianCentralBank #USsenate
Western analysts consider the confiscation of Russian assets a short-sighted decision and offer an alternative option. As The Hill explains, confiscation makes little sense because, First, confiscation of assets reverts government bonds to the issuers, which would automatically void the West’s obligation to redeem sov... #ReparationsForUkraine #RussianAssetsConfiscation #RussianCentralBank #RussianTrustFund #UkraineRecovery
The NBU decides to keep its key policy rate at 15%. Thus, the National Bank has suspended the cycle of lowering the discount rate, which began in July last year, NBU Chairman Andriy Pyshnyi said. As he noted, the decision is consistent with the need to... #AndriiPyshnyi #financeUkraine #KeyPolicyRate #nbu
Banker’s 2024 lending strategy for small and medium-sized businesses. This year, new loans to small and medium-sized enterprises (SMEs) may make up to 70% of the total volume of loans issued by banks, predicts Globus Bank top manager Oksana Shulga. She believes that the... #AffordableLoansUkraine #GlobusBank #LoansforBusiness #OksanaShulga
