NBU, EBRD sign currency swap

NBU, EBRD sign currency swap

The National Bank of Ukraine (NBU) and the European Bank for Reconstruction and Development (EBRD) have agreed to set up a currency swap, the central bank wrote on Facebook.

(EBRD) have agreed to set up a currency swap, the central bank wrote on Facebook.

“The National Bank concluded a currency swap with the European Bank for Reconstruction and Development, under which it provided the EBRD with UAH 798 million and received from it USD 30 million for a period of one month with the possibility of extension," reads the statement.

The NBU notes that this is not the first transaction under the general agreement, which provides for swap operations between the two parties for a total sum of up to USD 500 million.

"The swap with the EBRD is another step we are taking to revive lending and business support. Currency from the EBRD replenished our international reserves, and the EBRD received from us the hryvnia equivalent of this amount to direct it to finance Ukrainian businesses that suffered losses during the coronavirus crisis. This resource can be used to maintain liquidity, replenish working capital and trade financing of enterprises,” said Deputy Governor of the National Bank Oleh Churiy.


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