Money stock in Ukraine in January 2018 decreased by 2.7%, to UAH 1.177 trillion, the relevant preliminary data of monetary statistics have been posted on the website of the National Bank of Ukraine (NBU).
According to the central bank, the corresponding dynamics is due to the growth of off-bank cash by 3.3%, to UAH 321.573 billion, and ending stock on deposits by 2.4%, to UAH 854.874 billion.
The loan portfolio of banks in January increased 2.9%, to UAH 1.039 trillion. At the same time, the volume of loans in the national currency rose by 0.4%, to UAH 572.224 billion, in foreign currency by 4.7%, to UAH 466.999 billion.
According to the NBU, the cost of hryvnia loans for businesses last month decreased by 0.5 percentage points, to 15.3% per annum, foreign exchange by 0.5 percentage points, to 6.1% per annum.
The cost of hryvnia loans for the population decreased 2.3 percentage points in January, to 29.7% per annum, in foreign currency by 0.5 percentage points, to 8.4% per annum.
The deposit portfolio of banks in the national currency in January fell by 2.9%, to UAH 476.239 billion, while in foreign currency decreased by 1.8%, to UAH 378.636 billion.
Monetary base in January narrowed 1.7%, to UAH 392.326 billion.
Net forex reserves fell by 9.5% in January 2018, to $6.039 billion. The debt of banks on refinancing loans decreased 1.5%, to UAH 67.65 billion.
The share of the shadow economy in Ukraine in January-September 2017 shrank to 33% of GDP, decreasing by 3 percentage points (pp) compared to the same period of 2016, according to materials posted on the website of the Ministry of Economic Development and Trade.
“All the four methods used to assess the level of the shadow economy showed a decrease in the share of the shadow economy compared to the same period in 2016,” the ministry said.
This happened against the backdrop of the moderate growth of production, the stable forex rate and moderate inflation. The share of the shadow economy decreased thanks to an improvement in the expectations of businesses and households, the weakening of investment risks, it said.
At the same time, the dynamics of the reduction in the share of the shadow economy are hampered by low confidence in the institutions of power, ongoing challenges to the stability of the financial system and the occupied areas in the east of the country, it added.
The highest share of the shadow economy has traditionally been revealed by the method of comparing households’ expenditures and retail turnover, according to which the shadow economy accounts for 48% of GDP. However, this indicator is 3 pp below similar calculations for the nine months of 2016.
Fozzy Group retailer has purchased the first batch of 40 Mercedes-Benz trucks for a total value of EUR5.2 million under a contract with OTP Leasing (both based in Kyiv) to finance the renewal of the truck fleet.
“Today we are upgrading our vehicle fleet with 40 new Mercedes-Benz trucks that will be used to transport products to Silpo, Le Silpo, Fora, Fozzy, Cash & Carry, Thrash! stores throughout Ukraine. The total cost of the trucks was EUR5.2 million,” the Fozzy Group logistics director said.
According to him, the company plans in 2018 to continue updating the fleet and increase warehouse space.
“We have a plan to change the entire vehicle fleet of Fozzy Group, which now consists of 579 trucks. And we plan to update part of the fleet by the end of the year. In addition, we plan to expand warehouse space in the regions by 30,000 square meters,” he added.
According to the director of logistics, the logistics structure of Fozzy Group as of February 2018 includes six warehouses with a total area of about 160,000 square meters in Kyiv, Odesa, Zaporizhia, and Kharkiv. These warehouses cover the retailer’s logistics needs by more than 95%.
The expert also noted the improvement of the situation with warehouse space in Ukraine. According to his forecasts, the quality supply of logistics real estate in the coming years will grow.
According to OTP Leasing, Fozzy Group plans to replace about 150 vehicles in 2018.
Sugar exports from Ukraine in September-January of the 2017/2018 marketing year (MY) amounted to 250,060 tonnes, the National Association of Sugar Producers Ukrtsukor has reported.
“Over the same period last year some 409,700 tonnes of sugar were exported. As we see, the current figure is almost twice lower. This is due to the unfavorable situation in the world market and a certain surplus due to sugar overproduction in India and Brazil,” reads a press release of the association.
The association noted in order to minimize the risks that occur when three is a surplus, it is necessary to diversify production, both in the key of by-products and through increasing the added value of sugar. For example, it is possible to switch to production of biofuel or granulated beet pulp, sell molasses. Another option is production of sugar in small packages, which is in demand in a number of countries.
“Such a “bioethanol scheme” is not new and works in many countries. Brazil, the world’s leader of the sugar market, is a bright example. When the situation with prices in the sugar market becomes critical – sugar refineries process most of the cane into bioethanol, thus reducing the supply of sugar. This action, in turn, influences prices, forming a greater profitability of sugar production,” head of the association analytical department Ruslana Butylo said.
At the same time, in January 2018 manufacturers exported 76,400 tonnes of sugar, which is 64% more than in the previous month. The main deliveries were made to Turkey (25%), Uzbekistan (23%), and Libya (15%).
Ukrainian Insurance Group in 2017 collected insurance premiums worth UAH 817.27 million, which is 9.56% more than a year earlier, according to the website of the insurer.
It is also noted that in January 2018 the company increased premium collection by 20%, to UAH 66.07 million.
As reported, the company in 2017 settled more than 90,100 insurance cases, which amounted to UAH 385.141 million of insurance claim fee payments, which is 19.9% more than the year before.
Ukrainian Insurance Group has been operating in the Ukrainian market of conventional insurance since 2000. Since 2008 it has been a part of Vienna Insurance Group (Austria).
European Travel Insurance (ERV, Kyiv) in 2017 increased the number of insured tourists by 31.27% compared to 2016, to 749,100 tourists traveling abroad and 86,600 tourists traveling in Ukraine.
According to a press release of the insurer, the number of tourists traveling abroad increased by 30.1%, traveling in Ukraine by 42.53%.
The most popular destinations in 2017 were Turkey, Egypt, Bulgaria, Cyprus, Spain, Greece, the United Arab Emirates, and Thailand.
During the year the company registered 10,617 insurance events for the amount of UAH 56.658 million with tourists abroad and 73 insurance events for UAH 143,000 in Ukraine. In total, in 2017 some 116 large insurance cases worth more than EUR2,000 were recorded, and the total amount of payments on them exceeded UAH 18 million.
The number of declared insurance events with tourists in 2017 rose by 31% compared to 2016. The largest number of applications came from Turkey (47% or 4,997 cases), followed by Egypt (21% or 2,252 cases).
European Travel Insurance was founded in 2006. It occupies one of the leading positions in the market of tourist insurance in Ukraine.
The charter capital of the insurer is UAH 9.473 million.
