Ukraine's National Bank to transfer US$1.5 bln to state budget

Chairman of the Council of the National Bank of Ukraine (NBU), Bohdan Danylyshyn, says the Council has approved the NBU's annual financial statements and profit distribution for 2019 with UAH 42.7 billion (US$1.5 billion) to be transferred to the national budget.

Some UAH 581 million (US$21 million) will be allocated for the formation of the general reserves of the NBU's own capital, he wrote on Facebook on March 31.

The Council also recommended that the NBU Board improve decision making in conducting liquidity regulation transactions and take into account their impact on Ukraine's public finances, as well as improve communication and the provision of information on the government's existing fiscal risks.

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According to Danylyshyn, the Council insists on the legislative expansion of powers in terms of consensus management (jointly with the Board) of the NBU's capital.

Last week, First Deputy Governor of the National Bank of Ukraine (NBU) Kateryna Rozhkova told an online briefing that the regulator planned to transfer UAH 42.7 billion (US$1.5 billion) in profit to the State Treasury, which is UAH 2 billion (US$72.4 million) up from the figure stipulated in the 2020 national budget.

UNIAN memo. The National Bank of Ukraine in April-May 2019 funneled to the national budget UAH 64.9 billion (US$2.3 billion) in profit received in 2018.

Ukraine's budget for 2020 provides for the transfer by the National Bank to the State Treasury of at least UAH 40.7 billion (US$1.5 million) in profit for 2019.