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Governor of the National Bank of Ukraine Sergiy Arbuzov meets Chairman of the Governing Board of the Swiss National Bank Philipp Hildebrand

30.11.2011

press release

 

 

On 25 November 2011, Governor of the National Bank of Ukraine Sergiy Arbuzov met Chairman of the Governing Board of the Swiss National Bank Philipp Hildebrand within the framework of a two-day official visit to the Swiss Confederation.

 

During the meeting the sides discussed issues related to the state of the economy and financial position of Ukraine, as well as prospects for expansion of cooperation between the central banks of both countries. In particular, the meeting was focused on the monetary policy mechanisms, which are being implemented in Ukraine and Switzerland, with a view to counteracting possible risks arising in the event of a crisis. All the monetary initiatives undertaken by the National Bank of Ukraine were praised by the Swiss counterpart.

 

We would like to remind you that on 24 November 2011 Sergiy Arbuzov held a meeting with the senior management of the largest investment banks, financial and insurance companies in the Swiss Confederation, during which the Governor of the National Bank of Ukraine noted: “The National Bank of Ukraine considers today’s fast growth of free hryvnia liquidity to be inexpedient. Firstly, we have not registered significant increases in lending to the real sector. Secondly, the banks have a sufficient amount of foreign currency funds that could be sold. As soon as we see an upward trend in the banks’ credit portfolio, we will support their liquidity.”

 

Regarding the proposal to open a representative office of the Ukrainian state-owned bank in the Swiss Confederation, the Governor of the National Bank of Ukraine emphasized that the proposal is based on the desire to work and use maximum number of investment platforms. “Ukraine needs additional funding,” added Sergiy Arbuzov.

 

"With a view to removing barriers between our countries and ensuring maximum convenience for tourists planning to visit Ukraine during the 2012 UEFA European Football Championship, we are transferring cash hryvnia to Europe. Therefore, Europe’s citizens will be able to purchase the Ukrainian currency before arriving in Ukraine,” said the Governor of the National Bank of Ukraine.

 

In addition, during the visit to the Swiss Confederation Sergiy Arbuzov remarked that foreign capital feels at home in the Ukrainian banking system.

 

"All banks with foreign capital continue operating in Ukraine and none of them has announced their intentions to leave the country. The only thing is that in some cases banks have changed one foreign owner for another, a natural change in the ownership takes place,” noted the Governor of the National Bank of Ukraine.

 

Finally, Sergiy Arbuzov has stated that all the main indicators of bank activities are significantly better than last year’s figures.

 

"What is more, Ukrainian banks made a profit of UAH 0.5 billion or 43 million euro in October. I hope that these trends will persist,” summed up the Governor of the National Bank of Ukraine.

 

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Last modification   30.11.2011