The NBU has printed more money, this time UAH 70B.

 The National Bank of Ukraine issued another UAH 70B ($2.35B) through the acquisition of military IGLBs, while the government tied the regulator’s rate to the accounting rate, reported the NBU. The regulator explains that such volumes led to “the preservation of significant budget needs and reduced expenditures on them against the background of reduced taxes, insignificant amounts of market debt and the slowing down of official funding receipts.” Earlier this week, after the refusal of the Ministry of Finance to raise rates on military bonds at the same time as an essential increase in the rate of NBU was put into place. The last auction only managed to sell just over UAH 800M of military IGLBs. However, if the NBU had intended to use those funds to buy bonds at a fixed rate of 11% on the same terms as other market participants, the government decree of June 7 changed that strategy.