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Ukrainian National Bank sends UAH 5 bn tranche of 2016 profit to national budget

Ukrainian National Bank sends UAH 5 bn tranche of 2016 profit to national budgetThe National Bank of Ukraine on Wednesday sent the second tranche of its profit for 2016 in the amount of UAH 5 billion to the national budget, the central bank has said on its Facebook page.

The NBU also obtained approval by the Finance Ministry for the schedule of sending the rest of UAH 29.4 billion of profit. The sum will be divided into monthly tranches to reduce the influence of the government funds on the liquidity of the banking system and achievement of inflation targets by the NBU.

As reported, the national budget for 2017 suggests that the National Bank will transfer at least UAH 45 billion this year. At the same time, the NBU Council during a meeting on April 15 approved the distribution of UAH 59.45 billion of the National Bank's profit for 2016, including the transfer of UAH 44.379 billion to the national budget and the use of UAH 15.072 billion for the formation of net worth general reserves.

The first tranche of UAH 10 billion was sent to the budget on April 21.

The NBU in 2016 transferred UAH 38.16 billion of profit for the previous year to the national budget. Due to the protracted formation of the National Bank Council, whose authority includes financial reporting approval, the NBU began transferring profit only in October, distributing the entire amount in three tranches: UAH 10 billion in October, UAH 14 billion in November, and UAH 14.16 billion in December.
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