NBU transfers UAH 38.6B of its profit to state budget

NBU Governor Andriy Pyshnyy said this in a post on Facebook, Ukrinform reports.

According to him, the total amount the NBU has transferred to the budget during the full-scale war exceeds UAH 129 billion.

"It is worth saying that profit is not the goal of the NBU, our task is to ensure price and financial stability. Last year's macroeconomic indicators clearly illustrate that we have coped with these tasks: a significant decline in inflation, a stable, profitable and functional banking system, sufficient international reserves, and a controlled situation in the foreign exchange market," Pyshnyy said.

Once the NBU's general reserves reach the level required by law, the central bank transfers the profit to the state budget. According to the NBU governor, this is particularly important in times of war, because these funds are now part of the country's defense budget. It is extremely difficult to fill it, and therefore the importance of each internal resource increases significantly.

As reported, the NBU believes that the key policy rate may be cut to 13% if favorable macro-financial trends continue in 2024.