Contents tagged with NBU

  • National Bank of Ukraine calls for extending sanctions on subsidiaries of Russian banks

    The National Bank of Ukraine (NBU) has deemed it necessary to prolong sanctions on banks carrying Russian state capital, said the Chairperson of the NBU Financial Stability Department, Vitalii Vavryshchuk, as RBC-Ukraine reports.

    The sanctions against five Russian bank subsidiaries - VS Bank, Sberbank Ukraine, VTB, BM Bank, and Prominvestbank - were imposed by a decree signed by President Petro Poroshenko in mid-March 2017, for one year, expiring this March.

    “Yes, we deem it necessary to …

  • Ukrainian National Bank transfers $1 billion of currency reserves under the World Bank’s administration

    The National Bank of Ukraine (NBU) has transferred up to $1 billion of the country’s gold and foreign currency reserves under the management of the World Bank, Interfax-Ukraine reported, citing a statement by the Central Bank’s deputy chairperson Oleg Churiy.

    “Currently part of the gold and foreign currency reserves [of Ukraine] is managed by the World Bank,” the Central Bank’s official said, adding that the World Bank acts as “one of the largest investment managers for central banks,” and as …

  • National Bank of Ukraine concedes an early termination of the IMF funding

    The National Bank of Ukraine believes that if Ukraine doesn’t receive the next tranche from the International Monetary Fund by July, the cooperation program will probably end, as expressed during an interview with Dmitry Sologub, NBU deputy head, with Ukrainian news.

    Sologub added, "We are reevaluating, as much as possible, but technically, the first quarter does not look viable anymore. It's more realistic to receive a tranche in the second quarter. When we receive a tranche, in the first or …

  • Poroshenko proposes a replacement for the head of the National Bank of Ukraine

    Ukrainian President Petro Poroshenko offered the Ukrainian Parliament (Verkhovna Rada) to replace the head of the National Bank of Ulraine(NBU). He suggested dismissing Valeriya Gontaryeva from the post and officially appointing her deputy, Yakiv Smolii to the position.

    On the Rada’s website, a page appeared called "Draft resolution on the dismissal of V.O. Gontaryeva from the position of the Chairman of the National Bank of Ukraine." However, the text of the decree is not yet available. …

  • Ukraine received 400 lawsuits after nationalization of Privatbank

    More than 400 lawsuits have been filed since the nationalization of Privatbank against the National Bank (NBU), the Ministry of Finance and Privatbank itself, as mentioned at a briefing by Deputy Head of the NBU, Kateryna Rozhkova.

    "Today we have more than 400 lawsuits against the NBU, Privatbank and the Ministry of Finance, all of which are connected to the process of nationalization in one way or another. Such a large number of lawsuits indicate a frank reluctance by former owners of …

  • National Bank of Ukraine warns of possible cyber-attack on Ukrainian Independence Day

    The National Bank of Ukraine (NBU) warned Ukrainian banks that on Independence Day, which is celebrated in Ukraine on August 24, a hacker attack on the country’s banking system was possible, RBC-Ukraine news agency reported citing the press service of the bank.

    "The NBU promptly informed the banks about the appearance of a new malicious code, its features, signatures of the attacks and the need to introduce preventive measures to prevent the attack," the report said.

    The description of virus, …

  • Raiffeisen Bank Aval sues the National Bank Of Ukraine

    The Kyiv District Administrative Court opened proceedings on the lawsuit filed by Raiffeisen Bank Aval against the National Bank of Ukraine (NBU) demanding cancellation of the 4.9 million UAH ($190,810.00) fine imposed on them, as stated in Decree No. 826/9684/17 dated August 4th, FinClub reports.

    “Bank Aval PJSC appealed to the Kyiv District Administrative Court with an administrative claim against the National Bank of Ukraine requesting to recognize as unlawful and cancel the decision dated …

  • Ukrainian foreign reserves reached $18 billion

    The National Bank reported that Ukraine's international reserve had reached $18 billion. This was stated by the Deputy Head of the NBU, Dmytro Sologub.

    According to Sologub, the favorable situation on the foreign exchange market allowed the National Bank to buy $1.4 billion, a net purchase of foreign currency, from the beginning of 2017.

    "At the moment, international reserves amount to about $18 billion," he said. He also noted that the U. S. dollar exchange rate is falling relative to world …

  • National Bank of Ukraine removes PwC from auditor registry for inaccurate audit of PrivatBank

    The National Bank of Ukraine (NBU) has removed PricewaterhouseCoopers (PWC) from the registry of auditing firms which have the right to audit banks.

    The relevant decision was made on July 20 by the NBU’s executive board on the basis of a request from the Committee on matters of bank auditing, the NBU’s press service reported.

    The announcement points out that the reason for the decision was the fact that PWC affirmed inaccurate information about the financial-economic activity of PrivatBank ( …

  • National Bank of Ukraine: Billions are circulating outside of the banking system in Ukraine

    The amount of cash outside of the banking system is about 300 billion hryvnia ($11.48 billion USD).

    UNIAN reports that the Acting Head of the National Bank (NBU), Yakov Smolii, announced this during a meeting of the Verkhovna Rada Committee on Financial Policy and Banking Activity.

    "At the current time, there is cash of about 300 billion UAH outside of the banking system," he said.

    At the same time, Smolii stressed that such a large amount of cash increases the burden on the National Bank, …