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NBU achieves positive surplus figures

June 2, 2010

The National Bank of Ukraine has been trying for seven years to achieve a double surplus. It has achieved positive figures for the first time since 2003 in both the trade balance and in the payment balance of the financial account. Its total surplus came to 230m dollars in April and in excess of 600m dollars in the first four months of the year. The positive result has ensured an inflow of foreign investment into Ukraine. In the main this consisted of money received for, among other purposes, stabilizing the hryvnya. The interest fell from the time of its stabilization at the level of 7.92 (hryvnyas per dollar). As a result, experts are forecasting a drop in the inflow of foreign funds. But a balance of payments surplus can be ensured in future by real investment and the return of ordinary people to the banking system. The latter factor has played an important role in the formation of the current surplus.

Andriy Ponomaryov, a deputy head of the board of a commercial bank, says: “A generally unnoticeable, but an important component was added to the positive trends seen in March. This is the reduction in the share of present-day funds beyond the banking system and the inflow of deposits to banks, including those in national and foreign currency. The money is likely to be returning to the banking system from the shadow.”

Tags: finance