To summarize, it is clear that the National Bank has as many criminal cases as a stray dog has fleas, and not all of them are known in the public domain. But despite this number of proceedings and their public resonance, the SBI keeps filling its "dark drawer" over and over again. Do NBU officials have immunity and criminal cases against them only to extinguish the fire of public outrage?
SBI Merges Cases Against National Bank Officials: Accident or Pattern?
Kyiv • UNN
Several criminal cases against the NBU management are not progressing in the SBI investigation. Experts suggest that NBU officials have patrons and feel impunity.
Ukrainian law enforcement officers are investigating several criminal cases involving officials, representatives of the former and current top management of the National Bank of Ukraine, UNN reports .
However, it turns out that there is no movement in the criminal proceedings conducted by the investigators of the State Bureau of Investigation, and therefore a logical question arises: is the SBI deliberately merging these cases?
From of the latter, there is a criminal proceeding involving Oleksandr Zyma, Director of the NBU Legal Department. The SBI is investigating his alleged abuse of power or office, which led to grave consequences (part 2 of Article 364 of the Criminal Code).
- Case concerns Zyma's instruction to the Deposit Guarantee Fund to withdraw four lawsuits against the NBU filed by Concord Bank. In court, the bank demanded that the NBU cancel fines totaling almost UAH 63.5 million.
- It is worth noting here that Oleksandr Zyma, in addition to his position at the National Bank, is also the chairman of the Fund's administrative board, which appoints and dismisses its management. Therefore, it is unlikely that the DGF could have failed to comply with its boss's instructions.
- That is why the DGF withdrew the lawsuits filed by the bank before the liquidation began. In other words, Zyma's conflict of interest is obvious.
Despite the fact that the Territorial Department of the State Bureau of Investigation in Kyiv opened criminal proceedings in December last year, no suspects have been served in the case and there are doubts that it is being investigated at all. Zyma continues to work quietly both at the National Bank and in his role as "supervisor" of the Fund.
Moreover, in April of this year, the Shevchenkivskyi District Court of Kyiv recognized Yulia Sosedka, a co-founder of Concord Bank, as a victim in this criminal proceeding. According to the co-owner of Concorde, Olena Sosedka, Zyma deprived the bank's shareholders of their constitutional right to a fair trialby his instructions.
- However, SBI investigators have not yet complied with the court ruling and have not handed Yulia Sosedka a memo on the rights and obligations of the victim.
Experts suggestthat Zyma is not responding to the criminal proceedings because she feels a strong rear in the form of the National Bank's leadership, with whom she has had friendly relations since her time at Oschadbank.
In addition, both the current and former management of the National Bank are also involved in criminal proceedings under articles including "abuse of power or position that led to serious consequences.
.gif)
ICU expects an increase in inflation rates
21 Aug, 2024
429
Inflation in Ukraine is expected to accelerate to 7.8% in 2024, up from the previously forecasted 6.4%. Economic growth is projected to be 4%, slightly down from the 4.1% predicted in April. The likelihood of limited monetary financing of the budget deficit has also increased, according to updates to the macroeconomic forecast by the investment group ICU.
“Annual inflation began to accelerate predictably from May, slightly exceeding our expectations. We forecast that by the end of the year, inflation will be in the range of 7-8%. It is likely to continue accelerating in the first quarter of 2025 but will remain in the single digits,” commented Vitaliy Vavrishchuk, Head of ICU’s Macroeconomic Research Department.
According to the group's estimates, inflation in 2025 is expected to be around 8%.
ICU analysts believe that the National Bank of Ukraine (NBU) had room for a more significant reduction in the key interest rate in the first half of 2024. However, given the current acceleration of inflation and the period of sharp fluctuations in the foreign exchange market, a pause in rate cuts is now inevitable.
“Easing monetary policy in the coming months seems unlikely,” the report emphasizes.
While ICU's April forecast predicted a reduction in the key rate to 11.5%, the current expectation is for it to remain at 13% and decrease to 11.0% annually only next year.
The group notes that in the second half of 2024, it expects economic growth to slow down due to issues with electricity supply, a labor shortage, and a decline in crop yields.
“Nevertheless, we expect the economic growth rate for the year to be around 4.0%.
- In 2025, ICU forecasts GDP growth to remain at the same level – 4%. In the updated forecast, the nominal GDP estimate for this year has been lowered to $188 billion from $190 billion, with next year’s estimate at $195 billion.
.jpg)
- Expected disruptions in electricity supply in the fall and winter are the second most significant source of risks to the economy, while the primary risk remains the complex security situation, the forecast notes.
- At the same time, he notes, these capital outflows are fully offset by international financial assistance, and this situation is expected to continue in the foreseeable future.
“External financial aid inflows in the second half of the year will be at least 60% higher than in the first half.
According to the forecast, Ukraine's international reserves are projected to be $43.7 billion, down from $44.7 billion in April, with a further decline to $37.5 billion expected in 2025.
Vavrishchuk notes that the foreign exchange market continues to operate with a significant deficit, which has noticeably increased in recent months.
“The NBU’s exchange rate smoothing mechanism doesn’t always work perfectly, so there are occasional periods of moderate turbulence in the market. However, fundamentally, the NBU is moving in the right direction, gradually weakening the hryvnia,” he explained.
ICU has downgraded its year-end exchange rate forecast by 30 kopecks from the previous forecast to 42.6 UAH/$1.
- The main challenge in the second half of the year will be financing the state budget deficit, as defense spending could exceed the current plan by almost 500 billion UAH, the analyst notes.
RELATED
Zelensky on the operation in the Kursk region: “It is already successful”
Since the beginning of the day 85 combat engagements took place in the frontline - General Staff
Zelensky on the F-16 Volunteer Air Force: It's a great idea, but the decision on pilots is up to the US
The AMCU Head Kirilenko was again unable to choose a preventive measure: the trial was postponed for the third time
Zelensky on the Pope's reaction to the ban on religious organizations affiliated with Russia: it is important not to lose touch with the Vatican
Zelensky on the operation in the Kursk region: “It is already successful”
Since the beginning of the day 85 combat engagements took place in the frontline - General StaffZelensky on the F-16 Volunteer Air Force: It's a great idea, but the decision on pilots is up to the US The AMCU Head Kirilenko was again unable to choose a preventive measure: the trial was postponed for the third timeZelensky on the Pope's reaction to the ban on religious organizations affiliated with Russia: it is important not to lose touch with the Vatican
----
No comments:
Post a Comment