NBU can transfer only UAH 44.6 bln profit to budget – auditor

The National Bank of Ukraine (NBU) has no right to transfer to the state budget of Ukraine any profits over the mark of UAH 44.614 billion defined in the annual financial statements, confirmed by an external audit and approved by the NBU Council.

According to the financial statements for 2017, confirmed by the auditors and approved by the NBU Council, the NBU's profit for distribution amounted to UAH 45.928 billion, of which UAH 44.614 billion is recognized obligations to transfer profits to the state budget (minus required reserves), according to the audit report by Deloitte following the annual audit of the NBU's consolidated financial statements for 2017.

Read alsoUkraine must pay off almost $116 billion in foreign debt by 2045In accordance with the Law of Ukraine 'On the National Bank of Ukraine,' the regulator does not have the right to transfer to the state budget of Ukraine the amount of part of the profit to the distribution more than it is determined in the annual financial statements, confirmed by an external audit and approved by the NBU Council, according to the report.

At the same time, the auditors say that the state budget of Ukraine for 2018 envisages the transfer by the National Bank to the state budget of at least UAH 50.549 billion after confirmation of the NBU annual financial statements by external audit, its approval by the NBU Council, and formation of reserves. This figure is UAH 5.9 billion more than the actual liabilities of the NBU to transfer profits for 2017.