National bank of Ukraine’s official rates as of 27/09/21
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of September 27
One troy ounce=31.10 grams
Ukraine is surprised and disappointed with Hungary’s decision to sign a new long-term contract with Russia’s Gazprom in Budapest on September 27, 2021, regarding gas supply to Hungary bypassing Ukraine, the Ukrainian Foreign Ministry said in a statement.
“We view this as nothing but a political, economically unfounded decision, which has been made to the benefit of the Kremlin and to the detriment of national interests of Ukraine and Ukrainian-Hungarian relations, in violation of the principles of the Treaty of Neighborliness and Cooperation between Ukraine and the Hungarian Republic dated December 6, 1991,” the statement said.
The Ukrainian Foreign Ministry has initiated a delay of the next meeting of the Joint Ukrainian-Hungarian Intergovernmental Economic Cooperation co-chaired by the two foreign ministers, which was planned for September 29-30.
“Earlier today, the Ukrainian Foreign Ministry initiated a delay of the Commission meeting, considering that the Hungarian-Russian gas agreement will have a substantial influence on the energy security of Ukraine and Europe, and will create new circumstances that require a comprehensive analysis of risks and threats and coordinated efforts of countries of the region in order to minimize its negative implications,” the statement said.
The Ukrainian side will also apply to the European Commission to provide an assessment of the conformity of the new Hungarian-Russian gas agreement with European energy legislation.
The U.S. publication on cryptoassets Bitcoin Magazine has announced the launch of an Eastern European bureau in Kyiv, which will cover events in the world’s fastest growing cryptocurrency markets.
“While the world’s economists are fixated on superpowers like China and the United States, the future of money is being decided in places like El Salvador and Ukraine,” CEO of Bitcoin Magazine David Bailey said in the press release.
According to him, Bitcoin Magazine already has editorial offices in Seoul and Shanghai, and the bureau in Kyiv will become the third regional office. The decision to open an office in Kyiv was influenced by the Verkhovna Rada of the law on virtual assets.
The publication also refers to the estimates of experts (The Global Crypto Adoption Index), according to which Ukraine is home to the fourth-largest population of bitcoin users in the world. “The team making up the bureau will feature a group of the most talented Bitcoin journalists in the region, who will be producing top quality written, video, and podcast content in Ukrainian, Russian and Kazakh,” the publication said.
Thus, after a new strategic partnership, which will be announced before the end of September, Bitcoin Magazine will cover events in 11 countries and serve 240 million people who currently live in a large CIS region, including Ukraine, Russia and Kazakhstan, the publication said.
Bitcoin Magazine (the United States), a print and online publication that, since 2012, has provided analytical, research, educational and intellectual materials at the intersection of finance and technology. It is also the organizer of one of the largest annual events in the Bitcoin cryptocurrency industry in 2022.
The share of insurance in Ukraine’s GDP is very low and has a downward trend: since 2014 and as of June 30, 2021, it has decreased from 1.69% to 1.14% (by 32.5%), Director General of the Insurance Business Association Viacheslav Cherniakhovsky said at the XXI International Financial Forum in Odesa.
“We have not yet reached the indicators of the first half of 2017 in premiums if we count the market size adjusted for inflation. Achieving the level of penetration of 2% of GDP, laid down in the updated Financial Sector Development Strategy of Ukraine until 2025 year seems unlikely by the end of 2024, especially if there are no changes in the taxation of enterprises when they conclude long-term life insurance contracts for their employees,” he said.
Speaking about the steps that would contribute to the development of the market, Cherniakhovsky noted the inadmissibility of such practices as the accreditation of insurers by banks. “Not a single legislative document contains any accreditations. This is an anachronism and remnants of monopoly. On the contrary, there is a provision of the law on insurance, according to which the consumer has the right to choose an insurer, and it is forbidden to impose the conclusion of an insurance contract within the framework of other legal relations. Banks can only nominate requirements for the structure of the insurance product provided by the insurance company – definitions of insurance amounts, a list of risks, the size of the franchise, the terms of payment and cases of refusal in it,” he said.
Cherniakhovsky said that the National Bank of Ukraine (NBU), as a general regulator for the banking and insurance market, should stop this practice. “This is necessary for all consumers who receive loans now, next month, and not sometime in the future. The practice is unacceptable when banks oblige insurance companies to double prices for owners of collateralized property to receive not only interest on the loan, but and a commission of 50% of insurance payments,” he said.
According to the expert, what they are now trying to consolidate with the new law on the specifics of insurance of agricultural products with state support, in fact, is also a kind of “accreditation”. This approach is unacceptable, since any company that has received the appropriate license has the right to operate in the market for this type of insurance, he said.
On October 7 and 8, the capital of Ukraine will host the Kyiv International Economic Forum (KIEF), which for the seventh year has brought together well-known world economists, influential businessmen, representatives of the Ukrainian establishment, and authoritative economic experts.
The main issue of the forum in 2021 is peace in an era of radical changes. The COVID-19 pandemic has shown how fragile our perception of reality is. Traditional sectors of the economy are under serious attack, while technology is gaining in importance. The world’s best experts, analysts, entrepreneurs, and top management will offer their expertise to find answers to the most important questions of the development of the world economy.
Why is it important to visit KIEF 2021?
KIEF is the main platform for business representatives, economists, scientists, and investors, within which global trends are discussed, a development vector for 2021 is formed, new business contacts are established and partnerships are strengthened.
For the first time in Ukraine, the partner of this Forum will be one of the best international educational platforms for professional discussions about the economy – Economist Impact. The platform will host two panel discussions – “The Role of Emerging Markets in Global Economic Recovery” and “Welcome to the Health-care Revolution”.
During traditional networking, the world’s best experts, investors, and entrepreneurs will share their insights and answer questions, so that you can not only present your ideas but also build a complete business development strategy.
Over 130 speakers from leading international organizations and private companies, in particular WTO, EBRD, OECD, Club of Rome, World Economic Forum, McKinsey & Company,Mastercard and others, will share their vision of the future of the global economy.
The most important trends in the development of markets, issues of leadership in the new economy, as well as authentic examples of the transformation of the global economic system will not go unnoticed by the speakers of the Forum. Panelists will also talk about the latest technological advances in the development of medicine, the importance of which has grown incredibly in the face of a global pandemic.
The KIEF team strives to make Ukraine a new point of attraction for European and world investments through the development of modern production facilities. We help to establish contacts with the largest foreign investors who are ready to provide experience, knowledge, and capital for the development of the best projects.
The permanent strategic partner of the Forum is the UFuture holding company, which unites the companies and social projects of Vasyl Khmelnytsky.
The initiator of the forum Vasyl Khmelnytsky commented on the idea of creating and holding the Forum: “We live in an age of global and very rapid changes. They inspire and excite at the same time. Ukraine faces a choice: to hold on to fragile stability or to move boldly in an innovative direction. Today we can make a quantum leap in development – for this, we need knowledge, cooperation, and decisive action. I see the success of our common future in the synergy of a modernized public sector, the energy of entrepreneurs, and the talent of scientists. We must unite for the global goals facing humanity. It is time to move forward, transform business and economy in accordance with the requirements of the present. After all, KIEF is held so that we feel the trends of the future and become the ones who bring them to life”.
Kyiv International Economic Forum is a unique platform for the exchange of views and expertise for the economic development of Ukraine and the world. The forum brings together about 130 speakers to address key business development challenges, with an emphasis on adaptability and innovation.
Tickets and detailed information about the Forum are available at the link: https://forumkyiv.org/en/forum/2021/terms
