National Bank of Ukraine

Oleksandr Zyma, director of the NBU's legal department, has been in the spotlight due to the opening of criminal proceedings for alleged abuse of power or authority. Investigators will have to check whether his violations of the law were systemic to maintain confidence in the regulator.

Transparent competition for the position of the DGF Managing Director: IMF requirements and challenges for the National Bank of Ukraine.

The NBU set the official hryvnia exchange rate at 41. 2830 UAH/USD, which devalued the hryvnia by 17 kopecks. The official exchange rate of the euro to the hryvnia was set at 45.10 UAH/euro.

The IMF has set requirements for Ukraine to receive the next tranche. These include transparent competitions for senior positions, an audit of the NBU's reserves, and the completion of NABU reform.

Does the criminal case against Zyma, the National Bank's chief lawyer, call into question all the decisions he made?.

In July 2024, consumer prices in Ukraine remained unchanged compared to June, but increased by 4. 3% since the beginning of the year. Core inflation was 0.7% in July and 4.1% since the beginning of the year.

To mark the anniversary of Independence, the NBU issued modified banknotes with the slogan 'Glory to Ukraine! Glory to the Heroes.

Ukraine will fulfill the IMF's requirements to receive financial assistance, says economist Andriy Novak. Among the requirements are changes to the legislation on an open competition for the position of the DGF director by spring 2025.

The case against Zyma, the National Bank's chief lawyer, may become a flagship in the fight against corruption or a major obstacle to investment.

The NBU has set the official hryvnia exchange rate at 40. 9926 UAH/USD, down 1 kopeck. In banks, a dollar can be bought for UAH 41.30 and sold for UAH 40.85. On the interbank market, the rate is 40.92-40.96 UAH/USD.

The Ministry of Finance has held meetings with business representatives to find additional UAH 500 billion for defense in 2024. It is proposed to revise the military duty and excise taxes, which will provide UAH 138.7 billion by the end of 2024.

In two months, banks have received more than 7. 3 thousand applications for lending to energy infrastructure restoration projects. Applications worth almost UAH 4 billion have been approved, of which UAH 607 million are already being used by businesses.

Economist Vasyl Povoroznyk believes that the NBU is ready to gradually liberalize restrictions. This could solve problems with the conversion of foreign currency loans and revive economic activity.

The IMF requires an open competition for the position of the DGF director, but the authorities can appoint the head in a closed mode. Experts warn that ignoring the IMF's requirements could lead to the loss of critical financial assistance.

Law enforcers do not like to investigate economic crimes, says the former judge.

The National Bank of Ukraine has set the official hryvnia exchange rate at 40. 9847 UAH/USD, strengthening it by 5 kopecks. The euro exchange rate is set at 44.76 UAH/euro, and the dollar is trading at 41.87-41.92 UAH on the interbank market.

The security expert believes that the director of the NBU's legal department, Zyma, should be suspended for the duration of the investigation. He called corruption an incurable disease in Ukraine that requires decisive action.

The National Bank of Ukraine is gradually easing currency restrictions for entrepreneurs. This helps to balance the economy and improves the conditions for the development of domestic business, although no significant easing is expected.

Given Ukraine's total dependence on external financing, it is dangerous to ignore the IMF's recommendations, the expert says.

MP Mykhailo Tsymbalyuk said that the tax service in Ukraine has not become a service and needs to be reformed. He pointed to the problems of corruption, blocking of tax invoices and lack of responsibility of the management.

The expert believes that criminal cases against NBU officials have a negative impact on negotiations on financial assistance to Ukraine. This complicates the dialog with international partners and may lead to stricter requirements.

The National Bank of Ukraine has set the official hryvnia exchange rate at 41. 0381 UAH/USD, strengthening it by 16 kopecks. The euro exchange rate is set at 44.79 UAH/euro, and the dollar is trading at UAH 41.01-41.03 on the interbank market.

Ukrainian businesses and individuals increased their investments in government bonds by UAH 16 billion in July. The Ministry of Finance raised UAH 38 billion from the issue of domestic government bonds, of which UAH 35.5 billion were military bonds to finance the needs of the state.

Economist Ihor Garbaruk believes that the Big Mac Index is not indicative of Ukraine. He suggests focusing on the Borsch Index, which better reflects the purchasing power of Ukrainians and the economic situation in the country.

Ukraine's international reserves decreased to USD 37. 2 bn in early August due to the NBU's foreign currency sales. However, after receiving a $3.9 billion grant from the US, the reserves exceeded $40 billion.

Naftogaz Group companies produced 8. 6 bcm of commercial gas in seven months of 2024. This is 10% more than in the same period last year, thanks to new wells and technologies.

The Cabinet of Ministers is launching a pilot project for residents of 4 regions who will receive gas in cylinders as humanitarian aid. Local authorities will collect applications from citizens and pass them on to gas distribution networks.

SBI investigators are obliged to open criminal proceedings within a day of receiving a court order. For failure to comply with the decision, they can be brought to disciplinary responsibility, said lawyer Serhiy Lysenko.

Ukraine should implement the IMF's recommendations regarding an open competition for the position of the head of the Deposit Guarantee Fund, as this will determine the financial assistance, the expert believes.

Ihor Mosiychuk believes that Oleksandr Zyma should be suspended from his positions at the NBU and the Deposit Guarantee Fund for the duration of the criminal investigation. The former MP explains the lack of suspension by the mutual responsibility in the government.