The share of households’ exchange transactions with the US dollar ($) decreased to 74.1% last year from 78.7% in 2023, while for the euro (EUR), Polish zloty (PLN) and British pound (£) – increased, according to an analysis by analysts at currency exchange market operator KYT Group, based on data from 100 branches in 30 of Ukraine’s largest population centers.
“Despite everything the US dollar remains the dominant currency of operations, but its share has decreased, which may indicate the strengthening of the role of the euro and other currencies in the foreign exchange market,” – commented the received data analysts of ‘KYT Group’ in the currency review.
But the share of transactions with the euro has grown from 20.8% in 2023 to 25.15% in 2024. According to analysts, such dynamics may be a consequence of the large emigration of economically active Ukrainians to the eurozone countries, more lively foreign trade with the EU countries, changes in payment preferences of business, or diversification of savings of the population.
According to the above data, the number of transactions with the Polish zloty increased more than one and a half times last year: up to 0.56% from 0.36% in 2023, which KYT experts attribute to the activity of labor migrants, deepening business ties between the countries and, accordingly, the growth of financial flows between Ukraine and Poland.
The share of exchange transactions with the British pound in 2024 has almost doubled: up to 0.15% from 0.08% in 2023. Analysts believe that such a “jump” of the indicator, despite maintaining a low overall share in the section of cash transactions, may indicate the expansion of economic ties between Ukraine and the UK, an increase in cross-border transactions and strong confidence in British financial instruments.
“The decreasing share of the dollar in foreign exchange transactions does not mean its loss of its status as a key reserve currency in Ukraine. High liquidity of the dollar, stability and its global status continue to make it the main instrument for capital preservation”, – note analysts of ‘KYT’, they assume that the current changes may be a consequence of attempts of business and population to diversify currency assets.
“It is especially relevant against the background of changes in the monetary policy of the United States and the European Central Bank. If the ECB continues its easing policy, the hryvnia’s exchange rate against the euro may be more stable than against the dollar,” they point out.
In this context, the experts also reminded about the announced by the National Bank of Ukraine (NBU) possible change of the peg of the official exchange rate of the hryvnia to the euro, instead of the dollar, as part of the aspiration to join the eurozone in the future.
“The financial behavior and currency preferences of Ukrainians are changing in line with external economic conditions. If the trend continues, the euro may continue to build its share of the cash market, while the zloty will remain an important currency for private and business transactions,” the analysts summarized.
https://interfax.com.ua/news/projects/1044683.html
Risks in the European insurance sector are stable, generally average, with pockets of vulnerability arising from market volatility and real estate price movements. The European Insurance and Occupational Pensions Authority (EIOPA) notes such data on its website in its Insurance Risk Dashboard for January 2025, published on January 31.
According to the report, macroeconomic risks remain stable, at a medium level, GDP growth and inflation forecasts are also stable. Geopolitical tensions are changing the global dynamics, heightening concerns about reduced international cooperation and escalating risks and uncertainty in the years ahead.
Market risks remain at their highest levels. While bond volatility has stabilized, it remains above historical standards. Liquidity and funding risks are at medium levels but are trending upwards due to the gradual increase in risks across various metrics over the past year and the deterioration in funding conditions in the fourth quarter of 2024.
At the same time, solvency and profitability risks remain at an average level. Solvency ratios for insurance groups and solo companies in the insurance segment other than life insurance showed a slight improvement in the third quarter of 2024, remaining largely unchanged for life insurance companies.
Credit risk, insurance risks, market perception, even interconnection and imbalance risks are rated at average levels.
This Solvency II-based insurance risk dashboard summarizes the main risks and vulnerabilities in the European insurance sector through a set of risk indicators for the third quarter of 2024 and the end of 2023. The data is based on financial stability and prudential reporting collected from 93 insurance groups and 2,153 individual insurance companies. The Solvency II information is supplemented by market data with a deadline date of end-December 2024.
2,573 applications for trademark registration were filed by foreigners in 2024, according to the Ukrainian National Office of Intellectual Property and Innovation (UKRIPO). More than 40% of them belong to companies from the US, Cyprus, and Switzerland. Most of them are engaged in medical/veterinary products and advertising and administration.
2.5 thousand applications for trademark registration were filed in Ukraine last year. This is 37% less than before the full-scale trademark reform, when more than 4 thousand applications were filed.
We keep track of companies ‘ trademarks in Opendatabot.
18.4% of all applications belong to companies from the United States, and another 12.5% – from Switzerland. The top three countries in terms of applications are Cyprus – 9.7%. Businesses from China, the United Kingdom, and Poland were also actively applying for registration.
The top 5 applicants include the following companies:
● Philip Morris Products S.A. – 91 applications;
● Mistral Capital Management Limited – 69;
UPL Mauritius Limited – 69;
British American Tobacco (Brands) Inc;
Farmak AG – 45.
The most frequently filed trademarks last year were those related to:
● medicinal products for medicine, veterinary medicine and hygiene – 711 applications or 27.6% of the total
● advertising, administration and office services – 472 or 18.3%,
Tobacco products, accessories and substitutes – 341 or 13.3%;
Scientific, electronic and optical instruments – 306 or 11.9%;
● cosmetics, care products and household chemicals – 282 or 11.0%.
FELIX TRADE PTE. Ltd. became the record holder, having filed for registration a trademark with 20 areas of activity.
https://opendatabot.ua/analytics/foreign-trademarks-2024
Unemployment in the eurozone stood at 6.3% in December last year, up from an all-time low of 6.2% a month earlier, the European Union’s statistics office said.
Analysts also expected 6.3%, according to Trading Economics. The November level was revised from 6.3%. For comparison, in December 2023, unemployment was 6.5%.
In December, the number of unemployed in the region increased by 96 thousand compared to the previous month to a three-month high of 10.83 million.
Among young people (population under 25), the share of unemployed fell to 14.8% from 14.9%.
The lowest unemployment rate among the largest eurozone countries was recorded in Germany (3.4%, the same as a month earlier), and the highest in Spain (10.6% vs. 10.7% in November). In France, unemployment rose by 0.1 percentage points to 7.8% in December, and in Italy it increased by 0.3 percentage points to 6.2%.
Overall, the unemployment rate in the European Union was 5.9% last month, up from 5.8% in November. In December 2023, it was 6%.
The Patrol Police Department on January 31 announced a tender for the purchase of services of compulsory insurance of civil liability of owners of land vehicles, reported in the system of electronic public procurement Prozorro.
The expected cost of the purchase of insurance services is UAH 12.124 million. The deadline for submission of proposals is February 8.
As reported, earlier the winner of a similar tender was IC “Guardian”.
In the south and south-east of Ukraine on Monday, February 3, moderate wet snow and rain, in some places sticking wet snow, in the rest of the territory in some places light snow, reported Ukrhydrometcenter.
The roads are icy in places. The wind is predominantly north-western, 5-10 m/s.
The temperature at night 0-5° frost, in the Carpathians 4-9° frost, in the southern part, during the day in Ukraine from 2° frost to 3° warm, in the Crimea 2-7° warm.
In Kiev on Monday in places a light snow. The wind is north-westerly, 5-10 m/s. The temperature at night 1-3° frost, in the daytime about 0°.
According to the Central Geophysical Observatory named after Boris Sreznevsky. Borys Sreznevsky, in Kiev on February 3, the highest temperature during the day was 12.3 in 2002, the lowest at night -26.8 in 2012.
On Tuesday, February 4, in Ukraine in places a light snow, at night in the south-eastern part of moderate snow.
On the roads in some places icy. The wind is north-western, 5-10 m/s.
The temperature at night 3-8° frost, during the day from 4° frost to 1° warm, in Transcarpathia 0-5° warm; in the Carpathians at night 9-14° frost, during the day 1-6° frost.
In Kiev on Tuesday there will be light snow in some places. The wind is north-westerly, 5-10 m/s. The temperature at night 3-5° frost, during the day 0-2° frost.
