The volume of export proceeds received by Ukraine in January-June 2024 surpassed the result for the same period last year by 15.9%, or $3.3 billion, while the amount of unreturned foreign currency proceeds keeps at the same level of $7-8 billion, the National Bank of Ukraine (NBU) said in response to an inquiry by Interfax-Ukraine agency.
“Therefore, practically unchanged volumes of export operations, for which the deadlines for settlements were exceeded, against the background of increasing volumes of received export proceeds from abroad is a positive trend,” the regulator said.
The National Bank pointed out that the expansion of the volume of unrecovered export earnings would have a negative impact on the balance of payments and the level of international reserves, which are an important buffer of macro-financial stability of the country.
It is stated that in view of this, the NBU systematically counteracts unproductive capital outflow and takes measures for timely return of export proceeds.
In particular, the central bank mentioned currency restrictions introduced at the beginning of the full-scale invasion of the Russian Federation, which it relaxes only in the presence of sustainable prerequisites, measures to strengthen currency supervision, as well as the preservation of shortened settlement deadlines for exports of certain agricultural goods.
“The National Bank expects the introduction by the Cabinet of Ministers of Ukraine of the export security regime for operations on exports of certain agricultural goods, which was developed with the participation of the Ministry of Agrarian Policy, the NBU, the State National Statistics Service, the State Customs Service and other state bodies, and approved this year by the Verkhovna Rada with relevant amendments to laws,” the regulator said in its response.
“We believe that this measure should help to improve the situation with the return of foreign currency proceeds in the agricultural sector. Now the state authorities are finalizing the preparation of subordinate regulatory and technical basis for the introduction of the above mechanism,” the National Bank added.
The regulator intends to continue to cooperate with government agencies to ensure a comprehensive approach to addressing the issue of timely return of export proceeds to Ukraine.
As reported, in early November 2023, the NBU informed the Interfax-Ukraine agency that the volume of unreturned foreign currency proceeds since the beginning of the full-scale invasion of the Russian Federation is about $8 billion, which, according to the regulator, “has a tangible impact on the balance of payments.” The central bank noted that the issue is not only about the proceeds from grain exports, but also about unreturned foreign currency earnings in general.
State-owned Oschadbank (Kyiv) has signed the first loan agreement for UAH 28.7 million at 9% per annum under the Affordable Loans 5-7-9% program for the installation of a 2.5 MW gas reciprocating power plant, the financial institution’s website reports.
“The client, which supplies raw materials to many Ukrainian producers of essential goods, will receive a loan of UAH 28.7 million for a period of 5 years. The capacity of the plant is 2.5 MW; this will secure production in case of a prolonged power outage,” the press release says.
The bank did not disclose the name of the company.
As reported, in the second decade of July, the government launched lending to entrepreneurs and businesses under the Affordable Loans 5-7-9 program for the purchase and installation of gas turbine, gas piston or biogas generating units. The maximum loan amount is up to UAH 150 million and the loan term is up to 10 years.
According to the National Bank of Ukraine (NBU), as of June 1, 2024, Oschadbank ranked 2nd (UAH 415.82 billion) in terms of total assets among 63 banks in the country. Last year, the financial institution’s net profit amounted to UAH 5.98 billion.
The Antimonopoly Committee of Ukraine has launched an investigation against the producer of water “Karpatska Dzherelna” for possible misleading of consumers. Delo.ua* reports with reference to the AMCU’s statement.
It is noted that the agency has initiated consideration of case No. 127-26.4/116-24 on the grounds of a violation by Carpathian Mineral Waters Limited Liability Company, as provided for in Article 15-1 of the Law of Ukraine “On Protection against Unfair Competition”, in the form of dissemination of misleading information.
“The subject matter of the case is, in particular, the actions of Carpathian Mineral Waters LLC in the form of disseminating information about the water of the Carpathian Dzherelna trademark, namely, the origin and characteristics of such products,” the AMCU notes.
The agency draws attention to the fact that “Karpatska Dzherelna” is extracted from wells, so it cannot be called “spring water”. In addition, the water under this brand has nothing to do with the Carpathians, as it is extracted and packaged hundreds of kilometers away.
The AMCU adds that such actions, in the absence of appropriate confirmation of such information by Carpathian Mineral Waters LLC, contain signs of a violation under Article 15-1 of the Law of Ukraine “On Protection against Unfair Competition” in the form of dissemination of misleading information to consumers.
About Carpathian Mineral Waters
“Carpathian Mineral Waters has been a national producer of mineral waters and soft drinks for over 15 years.
The company started its activities in the mineral water market in 1996 with the first bottling of mineral natural table water under the brand name Karpatska Dzherelna, and in June 2002 was reorganized into a plant for the production of mineral water and soft drinks Karpatski Mineralni Vody. In 2002, the company started production of sweet carbonated drinks under the Fruktova Dzherelna and Sokovynka brands, and in 2016 – the Dragon energy drink.
Today, the Carpathian Mineral Waters Group of Companies is a powerful player in the Ukrainian market of natural mineral waters and soft drinks.
Karpatska Dzherelna mineral water is extracted from two artesian wells at a depth of 90 meters from a natural source. According to the company, the production facility is located right next to the source, and the water from the wells is piped to the bottling line. During the bottling process, the water is filtered only from mechanical impurities and retains all useful natural trace elements.
As a reminder, the Antimonopoly Committee of Ukraine has imposed a fine of almost UAH 1 million on three companies of businessman Viacheslav Suprunenko.
Thus, Kyiv Plant Rosinka LLC was fined UAH 169,999, Kyiv BCC LLC was fined UAH 300,000, and Kyivkhlib LLC was fined UAH 500,000. The penalty was imposed for violation of the legislation on protection of economic competition by acquiring assets in the form of a single property complex of PrJSC “Kraplynka” without the AMCU’s permission.
Optima School has received permission to conduct educational activities in Poland and will start teaching high school students (grades 10-11) at the beginning of the school year in September, Optima School director Olga Bilodid said at a press conference at Interfax-Ukraine.
“The Polish school will be enrolling high school students. It will start at the beginning of the school year. We have already realized what we dreamed of last year, and we intend to move to other EU countries,” Bilodid said.
Optima School founder Roberts Weishla noted that Optima will share its experience with other countries, positioning itself not only as an international school with universal content, but also creating local content that meets local curricula.
According to him, Optima has the capacity to serve up to 500 thousand students at a time.
Optima School was established and licensed in 2015. The school currently has 20 thousand students.
The State Service of Geology and Subsoil of Ukraine has renewed three special permits for subsoil use in Dnipropetrovska and Zhytomyrska oblasts. NADRA.INFO reports with reference to the order of the State Service of Geology and Subsoil of 09.08.2024 No. 368 (download the appendix).
The following permits have been renewed:
As of August 12, Ukraine exported 4.962 mln tonnes of grains and pulses since the beginning of the 2024-2025 marketing year (MY, July-June), up 58.9% compared to the same period a year earlier, the press service of the Ministry of Agrarian Policy of Ukraine reported, citing data from the State Customs Service.
According to the report, in August, 1.26 million tons were exported, which is 48.6% more than last year. In terms of crops, since the beginning of the current season, Ukraine has exported 2.273 mln tonnes of wheat (1.25 mln tonnes in 2023/24 MY), 739 thsd tonnes of barley (385 thsd tonnes), 0.3 thsd tonnes of rye (0.6 thsd tonnes), and 1.932 mln tonnes of corn (1.481 mln tonnes).
The total export of Ukrainian flour since the beginning of the season as of August 12 is estimated at 6.3 thsd tonnes (in 2023/24 MY – 14.9 thsd tonnes), including 5.7 thsd tonnes of wheat (14.3 thsd tonnes).
