National Bank of Ukraine

Since the beginning of the war, the NBU has transferred over UAH 35. 9 billion for defense needs from a special account. As of August 1, 2024, the account balance exceeded UAH 1.3 billion.

NBU Governor Andriy Pyshny said that Ukraine does not only rely on international assistance to finance its budget deficit. It is planned to expand the domestic resource base to reduce the deficit to 10.3% in 2026.

Despite the war in Ukraine, the process of removing banks from the market has not stopped. Thus, as of February 24, 2022, the liquidation process was initiated against 8 banks. Last year, for the first time in Ukraine, not only bankrupt banks but also profitable institutions were subject to liquidation and license revocation, including Concord Bank.

NBU Governor Andriy Pyshnyi said that the foreign exchange market remains stable due to sufficient international reserves. The reserves are expected to grow to $41 billion in 2024.

The National Bank of Ukraine forecasts a decrease in international reserves to $32 billion by the end of 2026 due to a reduction in financial assistance and currency outflows. The reserves will remain sufficient to ensure the stability of the foreign exchange market.

The National Bank estimated GDP growth in the second quarter of 2024 at 3. 7% and forecasts a slowdown to 3.1-2.3% in the third and fourth quarters. The reasons are the destruction of energy infrastructure and electricity shortages.

What will the easing of the ban on converting foreign currency loans into hryvnia for businesses change.

The National Bank of Ukraine expects a further outflow of migrants abroad in 2024-2025. It is projected that the net return of migrants to Ukraine will start only in 2026 and will be gradual.

Head of the Verkhovna Rada Tax Committee opposes the use of individual entrepreneurs by Internet providers. The Internet Association of Ukraine asks the President for protection, urging him to stop the campaign to destroy small domestic telecom businesses.

Ukrainian banks are using out-of-court restructurings and debt prolongation with a grace period to support clients with credit difficulties. These measures helped to reduce NPLs by UAH 4.2 billion over six months.

The National Bank of Ukraine expects a gradual increase in utility tariffs starting in 2025. This is due to the challenging situation in the energy sector and the need to bring tariffs to economically justified levels.

The National Bank of Ukraine has set the official hryvnia exchange rate at 41. 1390 UAH/USD, which devalued the hryvnia by 13 kopecks. On the interbank market, the dollar is trading at UAH 41.16-41.18, the euro at UAH 44.48-44.49.

The investigator must establish whether Zyma influences the course of the investigation of his case while holding a position at the NBU, the lawyer says.

The index of business activity expectations in Ukraine increased in July 2024. Adaptation to energy supply problems, stable operation of the maritime corridor, and easing of currency restrictions had a positive impact.

Liudmyla Buymister, a member of the Verkhovna Rada's Economic Committee, supports easing the ban on converting foreign currency loans into hryvnia for entrepreneurs. This will contribute to the development of business and the economy, which is critically important for the country.

The first consultations between business and the government on tax increases were held. No consensus was reached, and the parties agreed to continue the dialog next week in a Verkhovna Rada committee.

The National Bank of Ukraine has set the official hryvnia exchange rate at 41. 0063 UAH/USD, strengthening it by 2 kopecks. The euro exchange rate is set at 44.40 UAH/€, and the dollar is trading at 40.09-40.12 UAH on the interbank market.

Eduard Bagirov believes that Oleksandr Zyma undermines confidence in the banking system. The human rights activist calls on the head of the NBU to dismiss officials who violate the law in order to restore the trust of international partners.

The Deposit Guarantee Fund has completed the liquidation of Arkada Bank, which had its license revoked by the NBU in 2020. A record of the bank's termination as a legal entity was made in the Unified State Register.

According to the NBU, the number of counterfeits increased by 62% compared to last year. KFI experts spoke about the main features that can be used to distinguish genuine banknotes from counterfeits.

The victim in the case against the director of the NBU's legal department will have to go to court to demand investigative actions. SBI investigators are likely to ignore the initiatives of Yulia Sosedka, co-founder of Concord Bank.

The NBU has reported an increase in the cash turnover of banks in the first half of 2024. Cash withdrawals increased by 12.6% due to people's desire to have a reserve for payments during power outages.

The expert believes that the NBU may lift the ban on the conversion of foreign currency loans for business. This will improve relations between banks and customers and increase confidence in the banking sector.

The National Bank of Ukraine has set the official hryvnia exchange rate at 41. 0291 UAH/USD, strengthening it by 2 kopecks. The euro exchange rate is set at 44.41 UAH/euro, and the dollar is trading at 40.92-40.95 UAH on the interbank market.

Yulia Sosiedka was recognized as a victim in the criminal proceedings against the Director of the NBU Legal Department. The case concerns the recommendation to withdraw Concorde's claims against the NBU in the amount of UAH 63.5 million.

SBI investigators often refuse to recognize citizens as victims in criminal cases. The lawyer explains that this may be due to the fact that law enforcement officers feel impunity and do not want any extra hassle.

Finance Minister Serhiy Marchenko said that Ukraine's budget deficit has increased to UAH 500 billion ($12 billion). There is a particular lack of funds for the army, and this amount does not satisfy the military.

Banks cannot convert foreign currency loans into hryvnias on their own because of the NBU's ban. The expert believes that this issue can only be resolved by the National Bank of Ukraine.

The NBU has set the official hryvnia exchange rate at 41. 0478 UAH/USD, which strengthened it by 15 kopecks. On the interbank market, the dollar is traded at UAH 41.93-41.98, the euro at UAH 45.25-45.30.

In Q2, the amount of household and business deposits with banks increased significantly. The NBU expects further growth in deposits, lower funding costs, and a lower share of foreign currency deposits.