Financial stability in Ukraine will be kept even if the second wave of coronavirus disease (COVID-19) begins, and all major banks in the country will be able to survive it, Board Chairman of Raiffeisen Bank Aval Oleksandr Pysaruk has said.
“All major banks – systemic, large, medium – I am sure they will survive… Some of the small banks may suffer, but it will not affect anything… I don’t see any threat to financial stability,” he said in interview with Interfax-Ukraine.
According to Pysaruk, after the work that the National Bank of Ukraine (NBU) did to reform the banking sector, fairly stable banks have remained on the market.
“The Ukrainian banking system, like Ukraine as a whole, from the point of view of macroeconomic indicators has entered this crisis in better condition than at any moment in the past 30 years since independence… Largely thanks to the work of the NBU and the Ministry of Finance, by the way, with the IMF support,” he said.
He said that, according to the NBU Financial Stability Report, nine banks in the country may need additional capitalization, and two of them are state-owned. “Two well-known state-owned banks, which often lack capital, because their management quality is not good enough, the story is complicated. If they do not have enough capital again, the state will contribute it again,” he said.
National bank of Ukraine’s official rates as of 08/07/20
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of July 08
One troy ounce=31.10 grams
Тhe international bus carrier Ecolines, which includes the Ukrainian carrier Autolux, resumes traffic from Kyiv to Moscow from July 9.
According to the company’s website, also from July 11, the carrier will resume trips from Kyiv to St. Petersburg.
As reported, Ecolines launched trips from Kyiv to Wroclaw on June 22, from Kyiv and Odesa to Minsk on June 25, from Kyiv to Gdansk and Torun on June 25, and to Zielona Gora on July 1.
The European Investment Bank (EIB) could issue EUR340 million to Ukraine under the Recovery Program, according to information on the bank’s website.
“The aim of the Ukraine Recovery Program focuses on creating, restoring and improving public buildings (including administrative buildings, schools, medical centers and hospitals and other social infrastructure), governmental roads and bridges, supply of utilities (water supply and sewerage) in Donetsk and Luhansk regions under control of the Ukrainian government as well as the four surrounding oblasts (Kharkiv, Dnipropetrovsk, Zaporizhia and Kherson) and city councils in other regions countrywide enabling them to cope with the impacts of a heavy influx of internal displaced people,” the report says.
“The project builds on the successful Ukraine Early Recovery project (EUR200 million, fully allocated), one of the first measures under the EIB Special Action Plan Ukraine providing EUR3 billion loans in 3 years,” according to the document.
Electrotyazhmash together with its main partner Turboatom (Kharkiv) sees an opportunity to increase the order portfolio for JSC Ukrhydroenergo, which operates all major hydroelectric power stations in the Ukrainian sections of the Dnipro and Dniester Rivers, by two to three times in the next two years, Viktor Busko, who was suspended at his request from performing the duties of director general of the enterprise, has said.
“At present, together with the main partner Turboatom, a project is underway to modernize Ukrhydroenergo’s turbo generating equipment, in the future it is planned to jointly participate in no less large projects at Ukrainian nuclear power plants. The prospect of working with Ukrhydroenergo is very serious. We see an opportunity to increase the portfolio of orders by two to three times over the next two years,” Busko told Interfax-Ukraine.
He recalled that such large projects are exhibited according to international procurement procedures and attract all the world’s top manufacturers of generators and turbines.
“However, we are confident in our abilities and Electrotyazhmash has every chance not only to compete, but also to receive these orders, subject to careful preparation of documents and a very balanced approach to pricing its services. Our products are not inferior in quality, while there’s not a single reason why our price should be higher than the Austrian or American,” he said.
He said that there were debts for the delivered products in the Electrotyazhmash-Turboatom-Ukrhydroenergo supply chain.
