The head of Ukraine’s central bank, Andrii Pyshnyy, shared insights with Ekonomichna Pravda on the economy amid Russia’s invasion. The National Bank of Ukraine shifted from a fixed hryvnia-dollar rate to managed flexibility, aiming to stabilize the economy. Increased deposit rates encourage saving in the national currency, despite a mild hryvnia depreciation.
Pyshnyy emphasized fiscal responsibility, supporting new tax policies to finance the state budget. The NBU aims to combat tax evasion and untaxed profits, especially in the gambling industry. The central bank remains cautious about fiscal easing, stressing the importance of sound economic strategies.
Regarding state-owned banks, Pyshnyy highlighted the need for transparency in potential mergers and acquisitions, with zero tolerance for Russian presence. Businesses in Ukraine see a slight decrease in lending rates, with a focus on investment projects and insuring against war and political risks.
Overall, the NBU’s efforts aim to maintain economic stability amidst global uncertainties, emphasizing prudent financial management and strategic planning for the country’s future development.
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