SkyUp (Kyiv) airline in August 2020 carried 211,900 passengers, of which 166,800 by charter flight and 45,000 by regular flights.
The press service of the airline reported on Friday that in total, in August, 1,231 flights were performed under the domestic and international flight programs (926 charter flights and 305 regular flights). At the same time, 91.5% of flights were serviced in line with the schedule.
Some 214 domestic flights for the specified period were carried out. They were used by 31,100 passengers. The most popular destinations were: Odesa-Kyiv-Odesa, Zaporizhia-Kyiv-Zaporizhia and Odesa-Kharkiv.
In addition, SkyUp transported about 7 tonnes of cargo in August. All cargo was carried out by passenger flights in the baggage compartments.
The U.S. Department of Agriculture (USDA) downgraded the forecast for export of major oilseeds from Ukraine for the 2020/2021 marketing year (MY, September- August) by 250,000 tonnes compared to the August forecast, to 4.35 million tonnes.
According to a report on the website of the USDA, the forecast for sunflower oil exports for the 2020/2021 MY remained unchanged at the level of 6.96 million tonnes.
The U.S. department anticipates that oilseed processing will amount to 18.23 million tonnes in Ukraine, estimates being lowered by 200,000 tonnes compared to the forecast in August.
In September, the USDA downgraded the forecast for Ukraine’s sunflower harvest in 2020/2021 agri-year by 500,000 tonnes, to 17 million tonnes, sunflower meal production by 83,000 tonnes, to 6.94 million tonnes, and for sunflower oil by 86,000 tonnes, to 7.22 million tonnes.
In addition, the USDA in September maintained the forecast for Ukraine’s export of sunflower oil in the 2020/2021 MY at the level of 6.6 million tonnes, at the level of 5.2 million tonnes for sunflower meal, but lowered the forecast for sunflower export by 50,000 tonnes, to 150,000 tonnes.
European Travel Insurance (ERV, Kyiv) in three summer months of 2020 insured 63% fewer tourists than a year ago, when over 612,000 tourists were insured, the insurance company has said in a press release.
The number of tourists insured by the company who traveled in Ukraine fell by 58% and those traveling abroad – by 64%. In June-August 2020, ERV insured more than 191,000 tourists who traveled abroad, and more than 35,000 tourists who traveled across the country.
“For the company, as well as for the entire tourism industry, the summer was difficult. It was unrealistic to make any plans in the ever-changing situation on the travel market. Although the borders opened and air traffic resumed early June, tourists are seriously scared by the sad experience of quarantine, they were not in a hurry to plunge into the world of travel again. During the summer, the tourism business learned to work in a pandemic, and tourists got used to traveling in new realities,” ERV said.
According to the company, in general, over the summer period, 1,873 insurance accidents were registered with tourists abroad for the amount of UAH 10,602 and 45 – with those traveling across the territory of Ukraine for a total of UAH 122,000.
If in June only 86 insurance accidents with tourists abroad were recorded, then in August their number increased to 1,417 for the amount of UAH 7.326 million. Of these, 908 cases occurred in Turkey (for comparison: in July, 360 insurance accidents were recorded abroad, 243 of them occurred with vacationers in Turkey, 215 cases occurred in Egypt, 121 accidents occurred with tourists in Bulgaria. Other insured accidents in August were reported with tourists in Croatia (51), Montenegro (31) and Albania (14).
National bank of Ukraine’s official rates as of 14/09/20
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of September 14
One troy ounce=31.10 grams
The Board of the National Bank of Ukraine (NBU) decided to keep the key policy rate unchanged at 6%, the central bank said on its website on Thursday.
“The NBU Board has decided to keep its key policy rate at 6% per annum. Maintaining a loose monetary policy will support economic recovery amid moderate inflation and elevated uncertainty over how the pandemic is going to spread in Ukraine and the world,” the central bank said.
The NBU said that in July–August, inflation was below the target range of 5% ± 1 pp. The dynamics of core inflation were subdued.
The revival in consumer demand and the rise in fuel and natural gas prices in line with global market trends were offset by seasonal adjustments in raw food prices, the regulator said.
The central bank said that future movements in inflation will depend on how fast the economy recovers. Data on imports, the retail trade, and household expenditures on domestic tourism, real estate, and cars indicate a further recovery in consumer demand, which is likely to continue in the coming months.
“The NBU’s monetary policy easing cycle and the government’s fiscal stimulus, including changes in social standards, will support this trend,” the central bank said.
At the same time, energy prices will continue to increase as the global economy gradually recovers from the coronavirus crisis. The statistical effect of the low comparison base formed in the final months of last year will make a significant contribution to the overall rate of inflation. All of this paves the way for inflation to enter the target range by the end of the year.
According to the press release, the primary assumption behind the NBU Board’s decisions remains that Ukraine will continue to cooperate with the International Monetary Fund (IMF).
“This cooperation is important not only in terms of financing the state budget deficit, but also from the perspective of receiving support from other international partners and investors. Funds from these sources will go to finance anti-coronavirus measures and infrastructure projects, which will help jump-start the still weak investment activity,” the NBU said.
As before, a longer-lasting coronavirus pandemic, the further spread of the disease and stricter quarantine measures remain the key risks to macrofinancial stability, according to the press release.
“The increase in the number of coronavirus cases in Ukraine seen in recent months has not affected the pace of economic recovery. Nevertheless, a new wave of COVID-19 could restrain consumer demand and slow the recovery in domestic-market-oriented sectors, especially the services sector,” the regulator said.
According to the report, other risks also remain significant. They include: the negative impact of certain court rulings on macrofinancial stability; an escalation of the military conflict in eastern Ukraine or on the country’s borders; and the higher volatility of global food prices, driven by global climate change and the risk of stronger protectionist measures.
“Given the above balance of risks and the steady trend towards a recovery in consumer demand, the NBU Board kept the key policy rate unchanged, at 6%,” the central bank said.
The regulator said that the fact that the key policy rate is being kept below its neutral level shows that monetary policy is expansionary. The policy also leaves enough room for further interest rate cuts in the economy.
Previous key policy rate cuts are continuing to be transmitted to market rates. More specifically, interest rates on hryvnia domestic government debt securities and hryvnia deposits are at record lows. Loan rates are also continuing to fall.
According to the report, under current circumstances, the key policy rate of 6% is aimed at keeping the balance between maintaining moderate inflation and stimulating the economy. However, if the adverse impact of the coronavirus pandemic on domestic demand and business activity increases, the NBU will be ready to give the economy additional impetus for growth.
Conversely, the NBU could also deploy monetary policy tools to respond to the likely increase in inflation risks in 2021.
