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Monday, July 13

UIA restarts its North America flights this Sunday with a weekly B767-300(ER) flight between Kyiv Boryspil and Toronto Pearson UIA restarts its North America flights this Sunday with a weekly B767-300(ER) flight between Kyiv Boryspil and Toronto Pearson. UIA has not announced plans to restart service between Kyiv and New York...

The EBRD is extending a €25 million loan to UkSATSE to help the air traffic control agency survive the collapse in air traffic. The EBRD is extending a €25 million loan to UkSATSE to help the air traffic control agency survive the collapse in air traffic. The agency earns its money by guiding planes through Ukraine’s air space...

Some of the money is to help Ukraine enter the EU open skies agreement. Some of the money is to help Ukraine enter the EU open skies agreement. Ukraine hopes to finally sign the common aviation area agreement on Oct.1, at the upcoming EU-Ukraine summit. Ukraine’s admissio...

Ukraine must preserve the independence of the central bank under the next governor as part of the $5 billion IMF deal, Ukraine must preserve the independence of the central bank under the next governor as part of the $5 billion IMF deal, the IMF’s country representative said in the first public comments since Na...

Human error was behind the Jan. 9 missile strike that down the UIA flight shortly after it left Tehran airport, killing all 176 aboard. Human error was behind the Jan. 9 missile strike that down the UIA flight shortly after it left Tehran airport, killing all 176 aboard. At an air defense unit, an operator foorgot re-adjust the north ...

The interview echoed last weekend through the western press The interview echoed last weekend through the western press, including the Financial Times, The New York Times, and The Washington Post. The Post version headlined: “Ukraine’s bank chief quit and rece...

The day after President Zelenskiy called for an 11% devaluation of the hryvnia, the IMF representative said: The day after President Zelenskiy called for an 11% devaluation of the hryvnia, the IMF representative said: “The current Stand-By Arrangement is premised on…a continuation of the economic polic...

As nervous investors pushed down the price of Ukraine’s government Eurobonds on Friday As nervous investors pushed down the price of Ukraine’s government Eurobonds on Friday, Ljungman, a Swedish economist with a decade of IMF work, gave a primer in classical economics: “We know that pru...

“However, irresponsible central bank policies ultimately lead to high inflation, exchange rate volatility, financial sector problems, low economic growth, and high unemployment, as we have seen during past crises in Ukraine “However, irresponsible central bank policies ultimately lead to high inflation, exchange rate volatility, financial sector problems, low economic growth, and high unemployment, as we have seen during...

Ljungman did not say that Ukraine is in violation of the IMF agreement. Ljungman did not say that Ukraine is in violation of the IMF agreement. He also did not put forward any name for a successor to Smoliy. The Rada breaks Friday evening for a 6-week recess. It is unclea...

With Smoliy and his deputy, Oleh Churiy, out, the 7-member central bank board now risks losing its free market majority With Smoliy and his deputy, Oleh Churiy, out, the 7-member central bank board now risks losing its free market majority The Zelenskiy “administration’s plan [is] to remove all current members of the N...

As part of Zelenskiy’s push to drive down interest rates, the new state program “Affordable Loans 5-7-9%” has received applications from entrepreneurs for loans totaling $300 million As part of Zelenskiy’s push to drive down interest rates, the new state program “Affordable Loans 5-7-9%” has received applications from entrepreneurs for loans totaling $300 million. Zele...

Public opinion polls show majorities of Ukrainians are skeptical or hostile to IMF programs. Public opinion polls show majorities of Ukrainians are skeptical or hostile to IMF programs. Anti-IMF feeling is whipped up by pro-Russian TV stations – about half of Ukraine’s media market. Ihor Kolo...

No cash please, we’re Ukrainian. No cash please, we’re Ukrainian. Non-cash payments during the quarantine jumped to 87% in May, from 82% in January, National Bank of Ukraine reports on its Facebook page. In terms of volumes of money,...

Deflating these statistics Deflating these statistics, Smoliy, the former central bank governor, said in an interview last week with LB.ua: “According to the Ministry of Economy, 30% of businesses are in the shadows. I think it...

Friday, July 10

Quote of the Day: Yakiv Smoliy, former governor of the National Bank of Ukraine, Quote of the Day: Yakiv Smoliy, former governor of the National Bank of Ukraine, told LB.ua Saturday about TV commentators urging Ukraine to go it alone without low interests loans and aid from the IM...

Halloween in July? Halloween in July? Coffins and funeral wreaths were left Wednesday night at the entrance to the gated residence of Smoliy. Defiant, the National Bank of Ukraine press service called this kind of haras...

Bureaucratic rule changes highlight a booming business: the monthly import of 10,000 lightly damaged cars from the US and EU for repair and use in Ukraine. Bureaucratic rule changes highlight a booming business: the monthly import of 10,000 lightly damaged cars from the US and EU for repair and use in Ukraine. Columb, a major vehicle broker, says repairs...

South Korea’s Caris has signed a 3-year, $850 million deal with Dnipro’s Yuzhmash to produce 5,000 electric buses and 7,800 charging stations South Korea’s Caris has signed a 3-year, $850 million deal with Dnipro’s Yuzhmash to produce 5,000 electric buses and 7,800 charging stations, the Ukrainian machine building plant reports on Facebook....

Air traffic out of Kyiv is growing gradually, with today’s scheduled flight departures totaling 44 from Kyiv Boryspil and 14 from Kyiv Sikorskiy Air traffic out of Kyiv is growing gradually, with today’s scheduled flight departures totaling 44 from Kyiv Boryspil and 14 from Kyiv Sikorskiy. The two airports expect to handle a total of 200,000 p...

Norway’s NBT continues planning for a €1.2 billion project in Zaporizhia Oblast that could be Europe’s largest onshore wind farm. Norway’s NBT continues planning for a €1.2 billion project in Zaporizhia Oblast that could be Europe’s largest onshore wind farm. Designed to generate 792MW, the Zophia farm would place 160 turbines a...

Ukrainian tourists no longer have to take Covid tests to enter Montenegro, Ukrainian tourists no longer have to take Covid tests to enter Montenegro, reports that Adriatic nation’s Public Health Institute. SkyUp and Windrose fly from Kyiv Boryspil to Tivat, Montenegro’s larg...

Reversing five years of modest foreign direct investment inflows, Ukraine recorded a net outflow of $1.5 billion in foreign investment during the first five months of this year Reversing five years of modest foreign direct investment inflows, Ukraine recorded a net outflow of $1.5 billion in foreign investment during the first five months of this year. Last year, Ukraine att...

The Economy Ministry estimates that Ukraine’s GDP contracted by 5.9% from January to May, the height of the Covid lockdown period. The Economy Ministry estimates that Ukraine’s GDP contracted by 5.9% from January to May, the height of the Covid lockdown period. With the economy starting to recover, estimates of the year end GDP p...

Eurozone GDP will decline by 8.7% this year, then grow by 6.1% in 2021, Eurozone GDP will decline by 8.7% this year, then grow by 6.1% in 2021, according to a forecast this week of the European Commission. Among the major economies: Germany -6.3% in 2020, then +5.3% in 20...

Ukraine’s electricity consumption fell during the first half of this year by 5% compared to the first half of last year Ukraine’s electricity consumption fell during the first half of this year by 5% compared to the first half of last year, reports Ukrenergo, the state-owned electricity transmission system operator. Ho...

During the second quarter, Ukrainian banks permanently closed 304 bank branches, or 4% of the Q1 total of 7,884 During the second quarter, Ukrainian banks permanently closed 304 bank branches, or 4% of the Q1 total of 7,884, reports the central bank. State-owned Oschadbank closed 8% of its branches, ending June...

Annual inflation in June was 2.4%, slightly higher than 1.7% in May. Annual inflation in June was 2.4%, slightly higher than 1.7% in May. Last year, inflation was 4.1%, less than half the 9.8% recorded in 2018. President Zelenskiy told former central bank governor Yaki...

The European Investment Bank may issue a €340 million low interest loan to Ukraine for restoring public buildings The European Investment Bank may issue a €340 million low interest loan to Ukraine for restoring public buildings – schools, hospitals, roads and water systems – in eastern Ukraine, largely government...

Presidential chief of staff Andriy Yermak discussed with the World Bank’s new vice president for Europe and Central Asia Anna Bjerde a $350 million loan to Ukraine Presidential chief of staff Andriy Yermak discussed with the World Bank’s new vice president for Europe and Central Asia Anna Bjerde a $350 million loan to Ukraine. The money would go to buildin...

In a big setback for corporate governance, ‘temporary’ Covid-era salary cuts may be permanent for independent supervisory boards In a big setback for corporate governance, ‘temporary’ Covid-era salary cuts may be permanent for independent supervisory boards set up during the Poroshenko era for state companies — Naftogaz, ...

Concorde Capital’s Alexander Paraschiy writes on Zelenskiy’s stated desire to weaken the hryvnia, print more money and to hike annual inflation from 2% to 10%: Concorde Capital’s Alexander Paraschiy writes on Zelenskiy’s stated desire to weaken the hryvnia, print more money and to hike annual inflation from 2% to 10%: “In the mid-term, such a review of targe...

Paraschiy writes on the State Security Service’s request that ‘former officials’ refrain from commenting on the nation’s finances: Paraschiy writes on the State Security Service’s request that ‘former officials’ refrain from commenting on the nation’s finances: “The SBU’s comments on [Valeria] Gontareva might look funny to intern...

Thursday, July 9

Shut off from the EU after three years of visa-free access, Ukrainians will discover that Ukrainian hotels and amenities modernized while they were away, Shut off from the EU after three years of visa-free access, Ukrainians will discover that Ukrainian hotels and amenities modernized while they were away, Peter Dickinson writes in an Atlantic Council ...

To answer foreigners’ questions about entering Ukraine, the government launched this week To answer foreigners’ questions about entering Ukraine, the government launched this week Visit Ukraine Today, an internet site that provides information on entry and exit requirements for foreign tra...

Ecolines resumes bus service from Kyiv to Moscow today and from Kyiv to St. Petersburg on Saturday. Ecolines resumes bus service from Kyiv to Moscow today and from Kyiv to St. Petersburg on Saturday. Rail service was suspended in late March due to the coronavirus epidemic. There have been no commerc...

Fresh from purging the leadership of the central bank, President Zelenskiy told business leaders yesterday that Ukraine’s exchange rate should match the rate in the national budget – 30 hryvnia to the dollar. Fresh from purging the leadership of the central bank, President Zelenskiy told business leaders yesterday that Ukraine’s exchange rate should match the rate in the national budget – 30 hryvnia to the...

“Companies lost millions and closed because of this rate – this is true,” “Companies lost millions and closed because of this rate – this is true,” he told business leaders in Chernivtsi, reports Interfax-Ukraine. “We have been fighting this since the very beginning of my t...

Zelenskiy took aim at Valeria Gontareva, former head of central bank Zelenskiy took aim at Valeria Gontareva, former head of central bank. From self-exile in London, she urged the IMF to ask for their money back if Ukraine’s president dilutes the independence of the ce...

The State Security Service, or SBU, took a more censorial tack The State Security Service, or SBU, took a more censorial tack, posting on Facebook that it “considers it inadmissible to declare statements that could harm the national security of the state, in part...

Tim Ash writes from London: “ Tim Ash writes from London: “SBU in effect telling Gontareva, Smoliy and Churiy to shut up as Zelensky and crew take over the NBU… Clear Zelensky wants a team at the NBU who will do his bidding,...

Ukraine’s foreign reserves hit $28.5 billion on July 1, the highest level in eight years, Ukraine’s foreign reserves hit $28.5 billion on July 1, the highest level in eight years, reports the National Bank of Ukraine. Boosting reserves 12% over the June 1 level, the IMF deposited its first...

“There likely won’t be any more [IMF] tranches distributed to Ukraine, unless the new NBU Governor is acceptable to the IMF and its conditions are met,” “There likely won’t be any more [IMF] tranches distributed to Ukraine, unless the new NBU Governor is acceptable to the IMF and its conditions are met,” Robert Homans writes in a bne IntelliNews artic...

Turkey hopes 100,000 Ukrainians will visit Antalya this month, Turkey hopes 100,000 Ukrainians will visit Antalya this month, down from 145,000 in July 2019, Interfax-Ukraine reports from Antalya Airport. Ukrainian groups go to Turkish hotels that follow Covid co...

Ukraine’s Foreign Ministry is asking airlines and travel agencies to stop selling tickets to countries that don’t allow Ukrainian tourists to enter Ukraine’s Foreign Ministry is asking airlines and travel agencies to stop selling tickets to countries that don’t allow Ukrainian tourists to enter. With Ukraine’s Covid infection rate well above the ...

Five Balkan nations, Albania, Croatia, Montenegro, North Macedonia, and Serbia — welcome Ukrainian tourists Five Balkan nations, Albania, Croatia, Montenegro, North Macedonia, and Serbia — welcome Ukrainian tourists. Visitors planning to fly to Croatia should fill out this Croatian Tourism Ministry fo...

Betting that air travel will normalize next year, Betting that air travel will normalize next year, Ryanair next summer will add five new routes between Lviv and five Italian cities: Bari, Naples, Palermo, Turin and Treviso (Venice). On Monday, Ryana...

Ukraine’s beach resorts – on the Black Sea and Azov Sea – are booming this summer Ukraine’s beach resorts – on the Black Sea and Azov Sea – are booming this summer, Vodaphone Ukraine reports citing movements of 4G users. “Judging by the increase in Internet traffic and the number o...

Wednesday, July 8

After 12 Ryanair passengers from Kyiv Boryspil were detained at Athens airport for three days After 12 Ryanair passengers from Kyiv Boryspil were detained at Athens airport for three days, Ryanair now asks that all passengers flying out of Ukraine confirm that they have read Ryanair’s Flight a...

The EU allows entry of Ukrainians for study, business, work, health care, diplomacy, transit, and trucking The EU allows entry of Ukrainians for study, business, work, health care, diplomacy, transit, and trucking, according to Dmytro Kuleba, Ukraine’s Foreign Minister Documented proof of need to enter is ...