Government asks the NBU to allow the sale of foreign currency to large companies to pay off Eurobonds

The Cabinet of Ministers has asked the National Bank of Ukraine to allow the sale of foreign currency to large domestic companies and holdings and its subsequent transfer for settlements on Eurobonds and with Western creditors. This was reported by Interfax-Ukraine with reference to the relevant orders of the Cabinet of Ministers regarding these requests (No. 118-132 of February 6 and 13, 2024).

The list of companies requested by the Cabinet of Ministers includes Vodafone, Interpipe, a manufacturer of steel pipes and railway products, Metinvest, an agricultural holding company, Kernel, and three DTEK holdings.

The annexes to the orders state that these decisions will help maintain investor confidence, allow companies, many of which are large exporters, to save foreign currency and ensure their efficient and more stable operation in the future. It is also noted that the companies have loans from Western banks or are issuers of Eurobonds.

As GMK Center reported earlier, Ukraine’s trade turnover in January 2024 increased by 7% compared to January 2023 – to $8.5 billion. During this period, the country imported goods worth $5.1 billion and exported goods worth $3.4 billion. During the customs clearance of exports of goods subject to export duties, UAH 23.7 million was paid to the budget. The top three most exported goods from Ukraine were food products, metals and metal products, and mineral products.