Ukraine considers moving closer to euro rather than dollar, Reuters reports
Ukraine is considering moving away from the U.S. dollar and closer to the euro as a benchmark for the hryvnia, National Bank Governor Andrii Pyshnyi told Reuters.
National Bank of Ukraine
Ukraine raises issue of Russian assets in talks with US Treasury, central bank chief says
The Ukrainian delegation raised the issue with the U.S. Treasury officials during negotiations on April 23, according to Reuters. Ukraine intends to continue lobbying for the initiative at an upcoming meeting with the International Monetary Fund, Pyshnyy said.
Ukraine Business Roundup — The mining company losing faith in Trump's minerals deal
The following is the April 22, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. As a U.S.-proposed deal for Ukraine’s natural resources stalled amid months of tense negotiations, some
Ukraine's central bank leaves key policy rate unchanged at 15.5%
"Considering the high level of uncertainty, which has only increased over past months, the NBU will respond flexibly to changes in the balance of risks to the price dynamics and inflation expectations," the central bank's statement read.
Ukraine Business Roundup — The foreign arms producer showing real results in Ukraine
The following is the March 11, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. For all the hype around foreign weapons producers setting up shop in Ukraine to help it fend off
Ukraine's central bank raises key policy rate to 15.5%, warns about foreign policy risks
The move marks the second raise of the key policy rate since the beginning of 2025. In late January, the central bank raised it from 13.5% to 14.5%.
Ukraine's central bank raises key policy rate to 14.5% due to inflation
Ukraine's National Bank (NBU) announced on Jan. 23 that it will raise the key policy rate from 13.5% to 14.5% per annum starting from Jan. 24, 2025.
Ukraine's inflation accelerated to 12% in 2024, exceeding government forecasts
The accelerated rate surpassed forecasts made by Ukraine's National Bank in November, which estimated that Ukraine would end 2024 at an annualized 9.7% inflation rate.
Fragmented financial oversight undermines Ukraine’s economic future
As a direct participant in the process of establishing the new regulatory framework, I wish to initiate a public debate on the biggest challenge facing Ukraine’s financial services market: the lack of consistency in the institutional capacity of financial regulators — an issue made more pressing by ongoing military challenges.
National Bank of Ukraine leaves interest rates unchanged at 13%
The decision was in line with analysts’ predictions, and comes as Ukraine braces for next week’s U.S. presidential election, Bloomberg reported.
Ukraine may target record bank profits with further tax increase to plug budget hole
Ukrainian banks continue posting record profits, earning nearly Hr 120 billion ($2.9 billion) in the first seven months of 2024. The result is 22% higher than the same period last year, analytics website Opendatabot reported. As the Kyiv Independent previously reported, Ukrainian banks are enjoying an influx of cash,
Ukraine estimates 700,000 people will leave country in 2024-2025
Ukraine expects 400,000 more people will leave country in 2024 and 300,000 in 2025, according to the National Bank of Ukraine's (NBU) report published on Aug. 1.
National Bank sets new historic low for hryvnia exchange rate
The hryvnia exchange rate on the interbank foreign exchange market surpassed Hr 41 per dollar on the morning of July 12.
Ukraine state-owned enterprises weekly — Issue 139
Editor’s Note: This is issue 139 of Ukrainian State-Owned Enterprises Weekly, covering events from July 1-6, 2024. The Kyiv Independent is reposting it with permission. Energy sector Russia strikes at Ukrgasvydobuvannya’s facility in Poltava oblast, the company’s press office reported on July 4. Ukrgasvydobuvannya’s acting CEO
Ukraine state-owned enterprises weekly — Issue 137
Editor’s Note: This is issue 137 of Ukrainian State-Owned Enterprises Weekly, covering events from June 17-23, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Cabinet appoints Energoatom’s supervisory board. Ukraine's Cabinet of Ministers appointed all five members of state-owned nuclear giant Energoatom's supervisory
Why are Ukrainian banks so profitable during war?
Ukraine’s banks are flush with cash. An influx of foreign aid, high interest rates on government bonds, pay rises for soldiers, and central bank policies after the start of the full-scale invasion boosted the sector's profits to 40.5 billion hryvnia ($1 billion) in the first three months of
International reserves declined by almost 8% in May, National Bank says
The NBU's international reserves have fluctuated significantly since the beginning of Russia's full-scale war, dropping as low as $22 billion in July 2022.
Monthly chart: Dollar exceeds 40 hryvnias as Ukraine's budget needs grow
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Dollar exceeds 40 hryvnias as budget needs grow Average daily official and market exchange rates UAH/USD Cash rate Official
Ukraine Business Roundup — Making business suffer
Last week, I wrote in this newsletter that the biggest problems business leaders said they were facing in Kharkiv weren’t Russian attacks, but mobilization. And just like that, Russia launched missile attacks at a publishing house and a building materials hypermarket in the city. In the first of the
Ukraine, IMF begin talks on new financial tranche within Extended Fund Facility
After the review, nearly $2.2 billion in funds may be allocated in June under the EFF.
Ukraine Business Roundup — Easter in Ukraine is getting expensive
The following is the May 7, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine’s Central Bank eased some wartime foreign exchange restrictions on businesses in what it said was the
National Bank institutes largest package of currency liberalization measures since February 2022
"This move, together with other measures by the NBU, should allow Ukrainian businesses to 'breathe to their full potential' and help attract private capital to recover the economy," said NBU Governor Andriy Pyshnyy.
Hackers target Ukrainian bank with DDoS attack
Hackers targeted Ukraine's largest mobile-only bank, Monobank, with a powerful denial of service (DDoS) attack on May 2, the company's co-founder and CEO Oleh Horokhovskyi reported.
Ukraine state-owned enterprises weekly — Issue 120
Editor’s Note: This is issue 120 of Ukrainian State-Owned Enterprises Weekly, covering events from Feb. 17-Feb. 23, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs The Verkhovna Rada adopts the long-awaited law on the corporate governance of SOEs. On Feb. 22, the Verkhovna Rada
NBU devalues hryvnia against dollar for first time since invasion, by 25%
The National Bank of Ukraine has devalued the hryvnia against the dollar by 25% on July 21. The new official rate is Hr 36.57 per dollar. The previous rate of Hr 29.25, established in February at the start of the invasion, "no longer corresponds to reality and is
Ukraine’s 'banking miracle': How its banking system keeps operating amid invasion
As Russia was preparing to invade Ukraine, experts feared that the Ukrainian banking system would collapse in the event of an all-out war. The closure of Ukraine's main banks, cashless ATMs, and free fall of the national currency were expected by many. Yet, the Ukrainian banking system proved the opposite,
NBU head complains of political pressure but isn't worried about central bank's independence
National Bank of Ukraine (NBU) head Kyrylo Shevchenko told Bloomberg on Dec. 10 that he's endured political pressure since his appointment in July 2020. “We see attempts by certain actors to influence the decision-making process in the NBU, smear campaigns targeting the bank and its top management and even criminal
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