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Will hryvnia remain a stable currency?

08.01.2013

B.V. Tymonkin, CEO of PJSC "Ukrsotsbank", which operates under the UniCredit Bank trade mark, supported the national currency, seeing an opportunity for further development of Ukraine’s banking system in the stability of Hryvnia. Namely, B.V. Tymonkin considers that now even though “the current model of banking system is balanced and effective enough” in order to reinforce the national monetary unit “it is needed to solve the problem of a heightened demand for foreign currency among people”.

Actually the CEO of PJSC "Ukrsotsbank", UniCredit Bank ™, said: "According to my strong believe, the Dollar should be bound at all directions. It is unacceptable for the Fund of Individuals’ Deposits Guarantee to ensure the deposits in foreign currency. The Fund should guarantee the people’s deposits only in national currency, and the state's obligations may be only in state bonds, denominated in currency". Moreover, the banker is sure that the current direction of a number of banks towards decrease of interest rates over currency deposits is fully justified. Mr. Tymonkin also considers necessary to ban non-exporters to receive credits in foreign currency: "There is sense to grant Dollar credits to only those companies, which are able to perform their obligations in the frames of a credit agreement thanks to the flow of currency revenues".

B.V. Tymonkin also supports the policy of the National Bank of Ukraine concerning the implementation of an obligatory sale of 50% of currency revenues according to the NBU Resolution # 479, as thanks to this norm "the currency will evenly flow to the market".

His personal views to the current condition of the banking system B.V. Tymonkin expressed during the interview to the official periodic issue of the National Bank of Ukraine, “Vestnik NBU”. The full version of an article you may view in “Vestnik NBU” № 12 for December 2012.

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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