The West is changing its position toward confiscation of frozen Russian assets. “If earlier the West spoke very cautiously about the possibility of using these assets, now we hear the statements of the G7 that these assets will remain immobilized. This is a ‘break in ... #AndriiPyshnyi #G7 #LoanForUkraine #nbu #RussianAssetsArrested #SanctionsAgainstRussia
The NBU maintains this year’s economic growth forecast of 3.7% despite the situation in the energy sector and expects positive results from tax increases. As noted by the head of the National Bank, Andriy Pyshnyi, the regulator remains largely confident in the forecast it presented in July. “The economy will grow by 3.7% this year. The assumption ... #AndriiPyshnyi #ElectricityDeficitUkraine #EnergyRestore #nbu #UkraineEconomicForecast #UkraineEconomy
What are the NBU’s plans regarding the key policy rate? Almost all (10 out of 11) of the NBU’s Monetary Policy Committee members support keeping the discount rate at 13%. The NBU notes that the majority believes that the current rate level provides n... #AndriiPyshnyi #financeUkraine #InflationinUkraine #KeyPolicyRate #nbu #UkraineEconomy
The National Bank predicts a slowdown in inflation next year. The NBU will allow exchange rate fluctuations that will make it possible to maintain control over inflation expectations and achieve the 5% inflation target, said National Bank Chairman Andriy Pyshnyi... #AndriiPyshnyi #InflationinUkraine #KeyPolicyRate #nbu #UkraineEconomicForecast #UkraineEconomy
Banks have issued ₴4B in loans to restore Ukraine’s energy infrastructure, but medium-sized businesses refuse to construct generation capacity and are preparing for downtime. Since the beginning of June, banks have received 1,356 loan applications for energy infrastructure restoration projects totaling ₴40.1B. The NBU confirmed the approval of applications totaling ₴3.97B ... #AndriiPyshnyi #DTEK #EnergyDecentralization #EnergyRestore #LoansforBusiness #nbu #UkraineEnergy
Ukrainian farmers have received ₴62.9B in loans since the beginning of the year, and banks have received ₴38B in loan applications for energy infrastructure restoration projects. Since the start of the year, 9,075 farmers have received ₴62.9B in bank loans. Farmers from the Kyiv, Dnipropetrovsk, Cherkasy and Kirovohrad regions received the largest loans under various programs.... #AffordableLoans #AndriiPyshnyi #BusinessDevelopment #LoansforBusiness #SupportBusiness #Ukrainianfarmers
The NBU explains what the confiscation of Russian assets depends on and how much can be obtained from their profits in 10 years. The European Central Bank (ECB) cannot confiscate frozen Russian assets, said NBU head Andriy Pyshnyi. As he explained, confiscation requires a consolidated decision and a legal basis. “It is ab... #AndriiPyshnyi #ECB #G7 #nbu #RussianAssetsConfiscation #RussianAssetsProfits
Renovation of the energy system: Ukraine will develop smart power grids, and banks will support projects to restore energy generation. The Ministry of Energy of Ukraine approved the road map for developing smart networks to automate and implement digital solutions at all levels of the energy system. It is noted that the restoration o... #AndriiPyshnyi #energyukraine #nbu #SmartElectricalNetworks #SmartEnergy
What does the NBU think about the new easing of currency restrictions and the return of currency extortion? NBU Chairman Andriy Pyshnyi said: “Our decisions are fully in line with our declared strategy of easing currency restrictions, transitioning to greater exchange rate flexibility and returning to... #AndriiPyshnyi #CurrencyLiberalization #CurrencyMarket #CurrencyRestrictions #financeUkraine #nbu
The NBU has introduced its largest package of measures to ease FX restrictions. Most changes came into effect on May 4, but the ability to repatriate new dividends will begin on May 13, 2024. It is emphasized that these changes aim to improve the conditions for conducting busines... #AndriiPyshnyi #CurrencyLiberalization #CurrencyMarket #financeUkraine #nbu
The first stage of currency liberalization announced by the National Bank will cost Ukraine $5.5B. However, the NBU says it will significantly expand business opportunities, improve the conditions for attracting investment and private capital participation in reconstruction, and, as a result, posit... #AndriiPyshnyi #CurrencyLiberalization #financeUkraine #internationalReserves #nbu
The NBU is considering lifting restrictions on currency withdrawals to service old debts. The head of the NBU, Andriy Pyshnyi, said: “Currently, we see the presence of sufficient prerequisites for continuing the process of currency liberalization following the strategy approved as pa... #AndriiPyshnyi #CurrencyLiberalization #CurrencyRestrictions #financeUkraine #nbu
The EU is approaching a decision on the use of profits from frozen Russian assets to help Ukraine; the US has found a way to transfer up to €50B. The Minister of Foreign Affairs of Lithuania, Gabrielius Landsbergis, believes that the EC and the Council of the EU are close to deciding to allocate to Ukraine the profits obtained from Russian Fede... #AndriiPyshnyi #GabrieliusLandsbergis #nbu #ReparationsForUkraine #RussianAssetsArrested #RussianAssetsProfits
Ukraine’s accession to the EU will trigger an influx of foreign investment and changes in the financial sector. The country’s accession to the EU entails a sharp increase in private foreign direct investment, said Tomas Fiala, CEO of Dragon Capital. “If you look at private investments in Poland, dur... #AndriiPyshnyi #DragonCapital #EuropeanIntegration #InvestmentsinUkraine #TomasFiala
The key rate in Ukraine has again decreased to 14.5%, and the National Bank predicts further weakening. The National Bank’s board has decided to reduce the discount rate by 0.5 percentage point to 14.5% beginning March 15. In addition, the NBU reported that the rates on three-month deposit certificates ... #AndriiPyshnyi #BankDepositsinUkraine #financeUkraine #KeyPolicyRate #nbu #UkraineEconomy
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 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 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 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
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
The NBU has summarized the war’s consequences for the Ukrainian economy. The full-scale invasion by the Russian Federation has caused a 30% loss of Ukraine’s GDP. Also, the forced exodus of Ukrainians in 2022 caused an increase in inflation, said the head of the Nati... #AndriiPyshnyi #GDPinUkraine #nbu #UkraineEconomy #WarinUkraine
The NBU points to achievements in the financial market during the war. The National Bank has maintained exchange rate stability and switched to managed exchange rate flexibility, which will strengthen the economy and financial system’s adaptability and minimize the... #AndriiPyshnyi #CurrencyMarket #financeUkraine #nbu #UkraineBudget2024
The NBU is working on a new mechanism to insure military risk. The National Bank, together with the World Bank and the EBRD, is preparing a new mechanism to regulate military risk, which is planned to be presented no later than in the first quarter of 2024, the h... #AndriiPyshnyi #InsuranceUkraine #MilitaryRiskInsurance #nbu
The government and the NBU predict an increase in the cost of living in Ukraine. The head of the NBU, Andriy Pyshnyi, said that product prices will rise sharply at the beginning of January. For the first month of the year, growth will be, on average, 5%. As for causes, first, the ... #AndriiPyshnyi #InflationinUkraine #nbu #pricesinUkraine #SerhiyMarchenko #UkraineEconomy
Following a slowdown in inflation, the NBU lowered the key rate for the fourth time in a row. The National Bank of Ukraine decided to reduce the discount rate from 16% to 15% per annum starting December 15, 2023. The NBU continued its pattern of lowering the discount rate, which began in July,... #AndriiPyshnyi #financeUkraine #InflationinUkraine #KeyPolicyRate #nbu
The IMF has started reviewing the EFF program with Ukraine. On November 6, the IMF mission began discussing the second review of the extended financing program with Ukrainian authorities, said IMF Resident Representative to Ukraine, Vahram Stepanyan. The NBU c... #AndriiPyshnyi #EFFprogram #imf #IMFprogramforUkraine #nbu #VahramStepanyan
The US and Ukraine will insist on European confiscation of the accrued interest on frozen Russian assets. This week in Luxembourg, US Treasury Secretary Janet Yellen intends to encourage European officials to take concrete steps to confiscate accrued interest on $200B that Russia keeps in European banks. ... #AndriiPyshnyi #JanetYellen #RussianAssets #RussianAssetsArrested #UkraineRecovery
Ukraine receiving $115B in aid from its partners depends on an IMF program. According to the head of the NBU, Andriy Pyshnyi, implementing the IMF program will provide financial assistance of $15.6B and be critical for obtaining $115B in financing from partners over the next ... #AndriiPyshnyi #financialaidforUkraine #imf #IMFprogramforUkraine #SupportUkraine
The NBU expects to attract an additional UAH 20B from an increased tax on bank profits. The regulator proposes to increase the bank profit tax rate from 18% to 38% for 2023-2024, NBU Chairman Andriy Pyshnyi said. According to him, this tax structure will have a limited impact on macro-fi... #AndriiPyshnyi #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
The National Bank has cut the key policy rate to 20%. On September 14, the board of the National Bank decided to reduce the discount rate to 20%, announced the board chairman of the NBU, Andriy Pyshnyy. He noted that the further slowdown of inflation and... #AndriiPyshnyi #financeUkraine #KeyPolicyRate #nbu
The NBU says that interest rates on deposits will continue to rise. The head of the National Bank of Ukraine, Andriy Pyshnyi, announced this forecast, noting that the projected discount rate will be higher than the current level of banks’ deposit rates for a lon... #AndriiPyshnyi #DepositsInterestRate #nbu #UkraineDeposits
The NBU’s 2023 GDP growth forecast has decreased from 4% in October to 0.3% in January. The head of the National Bank, Andriy Pyshnyy, explained that the lowered estimate is due to the consequences from energy terrorism and a revision of the primary assumption regarding the duration of s... #AndriiPyshnyi #nbu #UkraineEconomy #UkraineGDPforecast
The new IMF mission to Ukraine will start on November 11. The latest stage of negotiations with the IMF will take place during the IMF’s second mission, set to begin on November 11, announced the head of the National Bank, Andrii Pyshnyi. Pishniy has only be... #AndriiPyshnyi #сьогоднівукраїні imf
