In accordance with the order of the Ministry of Justice of Ukraine dated 14.01.2025 No. 57/k “On Appointment” and the order of SE SETAM dated 15.01.2025 No. 11-k “On Appointment”, Roman Viktorovych Osadchuk was appointed as the General Director of SE SETAM effective January 15, 2025 on the terms of a contract with a salary in accordance with the staffing table.
“I am grateful to the Ministry of Justice for their trust. SETAM is an open and secure auction system in the country. Important changes are coming to the company, which will help make our auction more adapted to the needs of buyers and sellers, allowing it to achieve new results,” said Roman Osadchuk, CEO of SE SETAM.
Mr. Osadchuk’s biographical note
Mr. Osadchuk was born in Nova Chortorya village, Lyubar district, Zhytomyr region.
In 2006, he graduated from the National University of Ostroh Academy with a degree in Law and obtained a law degree.
2007 – 2010 – worked as a state enforcement officer of the city department of the SES of the Khmelnytskyi City District Department of Justice of the Main Department of Justice in Khmelnytskyi Region.
2010 – 2012 – worked as Deputy Head and then Head of the State Enforcement Service Department of the Slavuta City District Department of Justice of the Main Department of Justice in Khmelnytskyi Region.
2012 – 2015 – Head of the Second City Department of the SES of the Khmelnytskyi City District Department of Justice of the Main Department of Justice in Khmelnytskyi Region.
2015 – 2024 – Director of the branch in Khmelnytskyi region of SE SETAM.
2024 – Deputy General Director for Electronic Trading of SE SETAM.
From 9.12.2024 – Acting Director General of SE “SETAM”.
OnJanuary 15, 2025, he assumed the duties of CEO of SE SETAM under a contract.
The OpenMarket auction (SE SETAM of the Ministry of Justice of Ukraine) is a simple and effective means of selling and purchasing property via the Internet. The online auction has been operating throughout Ukraine since 2014.
Prices for policies of compulsory insurance of motor civil liability of owners of land vehicles (“autograzhdanka”, OSAGO) after the entry into force of the new law from January 1, 2025, increased on average from 70% to 100%, according to a survey of leading insurance companies in this market, conducted by the news agency “Interfax-Ukraine”.
Thus, according to the advisor to the head of the board of directors of Oranta Elena Mashara, the cost of “auto insurance” both in the company and in the market as a whole has increased on average by 80-90% compared to the previous year. However, if we take into account policies with zero deductible, the increase in insurance payments is about 50%.
At the same time, she emphasized that this growth is not uniform, because now insurers have the opportunity to segment the market more flexibly and in more detail than before, when there was price regulation. For example, at Oranta, the loss ratio of MTPL contracts concluded for electric cars was several times higher than for other types of vehicles. As a consequence, the increase in the cost of insurance payments for this segment is more significant than for other types of vehicles.
In IC “European Insurance Alliance” the cost of “auto insurance” has increased from 70% to 110% and is determined depending on the type of car, place of registration (residence) of the owner of the vehicle (TC), notes the head of the product management department of motor risks of the company Vitaly Bazik.
In IC VUSO this growth amounted to 80-100% that is caused by weighty changes in insurance conditions, in particular by significant increase of insurance limits for payments to victims.
“New limits allow to provide our clients with essentially greater protection in case of road traffic accident, covering losses, which earlier could exceed the limits of the previous amount of coverage”, – noted in the company.
In turn, in IC “Express Insurance” indicated that the cost of their MTPL policies increased by an average of 70-75%, which is due to the new requirements of the legislation, providing for an increase in the sums insured for life and health – from 320 thousand to 500 thousand UAH, for property – from 160 thousand UAH to 250 thousand UAH, the abolition of depreciation for car repair, deductible and limit on the europrotocol.
According to ARX IC, it makes no sense to compare the prices of the old “car insurance” (before the legislation was updated – IF-U) and the new one – they are completely different products in terms of content. It is like comparing a parcel train and an airplane, because the terms of settlement have changed, reimbursement of the cost of parts and components of the car will be made without deduction of depreciation, and all insurers-participants should join the direct settlement, the company explains. At the same time, the insurer specified that in general the cost of its policy varies in the range of 3500-6000 UAH depending on the age of the driver and the vehicle, as well as on the type of car and the region of registration.
As for the average price for this insurance, in IC “Express Insurance” for passenger cars with engine volume up to 1600 cm³ the price of MTPL policies ranges from 2200-5600 UAH.
“We will continue to analyze the dynamics of loss adjustment costs and, if necessary, to adjust tariffs for certain categories of clients”, – stressed in the company.
In IC ARX the cost of “auto insurance” for the car B1 1988 year of manufacture, Kiev, the age of the owner 50-55 years is 3243 UAH (minimum), and for the car B4 2020 year of manufacture, Kiev, the age of the owner 18-22 years – 12 771 UAH (maximum). At the same time, the average payment on policies, concluded under the new conditions, for the first ten-day period of January is UAH 3,520.
According to the data of IC VUSO, their average cost of MTPL insurance policy is now about 4000 UAH. As for the minimum price, it is 500 UAH for a vehicle of the type “motorcycle” and 50 thousand for a bus registered in Kiev.
According to Mashara, for the first days of 2025, the average cost of “auto insurance” in “Oranta” amounted to 2375 UAH, which is slightly lower than the initial expectations of the company.
“This is due to the fact that a new segment of customers joined the insurance market – participants in hostilities and other preferential categories of car owners, previously had the right not to conclude contracts of MTPL. Until 2025, the consequences of road accidents involving them were compensated by the MTSBU Victims Protection Fund, and now, according to the new law “On MTPL insurance”, such persons must conclude insurance contracts with a discount of 50% of the insurance payment”, – said the expert.
At the same time, she emphasized that currently almost 5 thousand contracts with new clients have already been concluded, and the average cost of a discounted policy is 1440 UAH.
Answering the question of what most affects the price, all companies noted that it is the type of vehicle (passenger car, electric car, truck, bus, etc.) and its subtype (engine volume, load capacity), the sphere of use (providing paid transportation services or not), the term of the insurance contract and whether the policyholder has the right to a benefit. An important factor is the region of vehicle operation: in cities with high traffic intensity, such as Kiev, premiums are much higher than in quieter regions. In addition, now insurers have begun to more actively take into account the age and length of service of drivers authorized to drive the vehicle, the nature of car operation.
In ARX added that the company has long introduced an additional coefficient.
“For example, we have a driver of 45-50 years will get a completely different price than a driver who is 18 years old, even if they have the same brand of car in Kiev,” – explained in the company, specifying that such a factor as the history of unprofitability (the presence of accidents) in this case does not affect the cost of the policy.
Issue 1 – January 2025
The purpose of this review is to analyze the current situation on the Ukrainian currency market and forecast the hryvnia exchange rate against major currencies based on the latest data. We look at the current conditions, key influencing factors, and likely scenarios.
Analysis of the current situation
At the beginning of 2025, the Ukrainian currency market is showing relative stability after the seasonal fluctuations that characterized the end of the previous year. The National Bank of Ukraine (NBU) continues to actively support the market with verbal and resource interventions, without exposing its reserves to significant risks. This helps to avoid sharp exchange rate fluctuations and maintains the confidence of economic entities in the predictability of the national currency.
At the same time, high inflation and devaluation expectations among households and businesses may stimulate increased demand for foreign currency. This may become an additional and more significant factor of pressure on the hryvnia. According to UNB surveys, businesses expect moderate inflation and exchange rate growth, which affects investment and development decisions, as well as planning prices for goods and services, which may exceed the current exchange rate during the year and have a negative inflationary impact, spinning up the devaluation flywheel of negative expectations.
Dollar exchange rate forecasts
Short-term outlook
In the short term, the hryvnia exchange rate is expected to remain in the range of 42-43 UAH/$, given the stabilization of the currency after the seasonal increase in demand for it at the end of last year. Low economic and business activity in January will help keep the exchange rate stable in the short term. This is evidenced by the spread between the buying and selling rates of the US dollar: it remains relatively stable, indicating that supply and demand in the Ukrainian foreign exchange market are balanced.
Medium-term outlook
In the first half of 2025, the hryvnia exchange rate is likely to gradually approach 44 UAH/$, which is fully in line with the government’s budget forecast for 2025. Avoidance of extreme exchange rate fluctuations in the first half of the year will allow the NBU and the government’s economic bloc to maintain foreign exchange reserves to keep the hryvnia within the expected parameters of an average annual exchange rate of 45 UAH/$. Controlled devaluation may become one of the tools to fill the budget at the expense of tariffs and other fees fixed in foreign currency, including some excise taxes.
Euro exchange rate forecast
Short-term forecast
The euro continues to depreciate against the hryvnia, reaching the levels of UAH 43.25-44.15/€. Despite the downward trend in the euro, the spread between the buy and sell rates remains relatively stable, which also indicates that the market is balanced. In the short term, the euro is expected to remain within this range with further movement to UAH 43-44/€, taking into account current trends in international markets and domestic economic factors.
Medium-term forecast
In the coming months, the euro may experience significant fluctuations, which may be due to possible “exchange rate wars” between the US and the EU, as indicated by representatives of the future administration of US President-elect Donald Trump. They claim that a change in the dollar’s parity with the euro is one of the sources of strengthening the American economy.
These verbal interventions, if transformed into real actions, may cause turbulence in the international currency market, which will naturally affect the exchange rates of major world currencies in Ukraine.
Key factors affecting the foreign exchange market
Foreign economic factors. Possible “currency wars” between the US and the EU, as reported by international economic media, may affect global currency markets and, accordingly, the hryvnia exchange rate against major currencies.
2. Inflation and devaluation expectations. High expectations of households and businesses stimulate demand for foreign currency, putting additional pressure on the hryvnia. According to UNB surveys, businesses expect moderate inflation and exchange rate growth.
3. Monetary policy of the NBU. The NBU will continue its policy of controlled flexibility of the exchange rate and will intervene to contain sharp fluctuations.
4. Tax changes. Increase in tax rates on deposit income may stimulate demand for cash, which will put additional pressure on the hryvnia exchange rate.
5. Business climate. Reports of massive business closures due to an increase in the tax burden should not be viewed as a clear symptom of a decline in business activity, as this may only be a sign of business shadowing, which could become an additional driver of demand for foreign currency.
Recommendations for companies and investors
Short-term strategies: focus on maintaining liquidity. Use foreign currency deposits or short-term bonds to preserve capital. The period of increased volatility is an ideal time for experienced investors, while inexperienced investors should avoid risky investments.
Medium-term strategies: build a balanced currency portfolio with a predominance of the US dollar, given its stability in the international economy. If you have economic ties with the eurozone countries, their currencies are becoming increasingly attractive for gradual replenishment of savings. The currencies of EU member states can be a temporary refuge for savings in times of turbulence on international markets. Risk-averse investors should focus on fixed income instruments.
Long-term strategies: Protect your savings from devaluation risks by keeping most of your capital in hard currency or by looking for stable sources of income over the long term. Consider diversifying into safe havens and alternative assets such as gold or cryptocurrencies.
Risk management: This factor comes to the fore. Constantly monitor tax and regulatory changes, which are becoming a key risk factor in the field of legal financial transactions and banking. Avoid excessive accumulation of short- and medium-term assets in hryvnia. Consider geographical diversification of assets and operations in more regulatory stable jurisdictions.
This material was prepared by the company’s analysts and reflects their professional and analytical judgment. The information provided in this review is for informational purposes only and should not be considered a recommendation for action.
The company and its analysts make no representations and assume no responsibility for any consequences that may arise from the use of this information. All information is provided “as is” without any other warranty of completeness, timeliness or obligation to update or supplement it.
Users of this material should make their own risk assessments and make informed decisions based on their own assessment and analysis of the situation from various available sources that they believe to be sufficiently qualified. We recommend that you consult an independent financial advisor before making any investment decision.
REFERENCE
KYT Group is an international multiservice fintech company that has been successfully operating in the non-banking financial services market for 16 years. One of the company’s flagship activities is foreign exchange operations. KYT Group is one of the largest players in this segment of the Ukrainian financial market, is among the largest depositors and is one of the industry leaders in terms of asset and capital growth.
More than 90 branches in 16 largest cities of Ukraine are located in convenient locations and equipped with modern equipment, which ensures the convenience, security and confidentiality of each transaction.
The company’s activities comply with the regulatory requirements of the NBU. KYT Group adheres to EU standards, has a branch in Poland and plans cross-border expansion to European countries.
PJSC Insurance Company Garantiya will be renamed PJSC Garantiya, changing its main activity from insurance to insurance agents and brokers.
This is reported in the agenda of the meeting of shareholders of the company, scheduled for January 28, information about which is posted in the system of the National Commission on Securities and Stock Market.
Also the company, in particular, plans to engage in other auxiliary activities in the field of insurance and pension provision, in the field of law, accounting and auditing; consulting on taxation, consulting on commercial activities and management, providing information services and renting and operating its own or leased real estate.
As reported, PJSC Insurance Company Garantiya voluntarily withdrew from the market by transferring its insurance portfolio to PJSC Insurance Group TAS.
According to the statements for 2023 presented by the company, its insurance portfolio of the company was formed mainly by payments under contracts of compulsory motor TPL insurance – 77% and health insurance – 10%.
The volume of insurance premiums of the company in the specified period amounted to UAH 33,993 mln, formed insurance reserves – UAH 17,645 mln, payments – UAH 27,214 mln. The share of the company in insurance premiums in the insurance market is 0,08%.
After SG “TAS” informed that since September 9, 2024 it assumes the fulfillment of obligations under insurance contracts concluded by Private JSC “Insurance Company ‘Garantiya’.
At the end of 2024, the Serbian labor market showed stability with a gradual increase in employment. The unemployment rate decreased to 9.2%, down from 10.1% in 2023. Economic recovery from the pandemic and the inflow of investments in key sectors are contributing to job creation, but the country still faces a shortage of skilled labor.
The key characteristics of the labor market in Serbia are:
1) The employed population is about 2.9 million.
2) The main employment sectors are:
3)Average salary level:
4) The most demanded professions are:
IT specialists;
Engineers;
Medical personnel;
Workers in the construction and agricultural sectors.
The role of migrants in the Serbian labor market
Migrants play an important role in the Serbian economy, especially in sectors where there is a labor shortage. In 2024, the number of registered foreign workers exceeded 120,000, including citizens of Ukraine, Bosnia and Herzegovina, North Macedonia, Russia and China.
Main migrant groups and their roles:
Regularities:
Challenges of the labor market with regard to migration
Experts predict that Serbia will maintain a high share of migrant workers in the labor market, especially in construction, agriculture, and IT. Key factors:
Serbia’s labor market in 2024 is developing against the backdrop of an influx of foreign workers, including a significant share of Ukrainians. This allows the country to address the problem of staff shortages in key sectors. However, Serbia’s further growth will require not only attracting migrants, but also improving working conditions and incentivizing local workers.
