Tashkent state transport university faculty of Economics research assignment theme: finance of ukraine

TASHKENT STATE TRANSPORT UNIVERSITY
Faculty of Economics

RESEARCH ASSIGNMENT
Theme: FINANCE OF Ukraine

Group:BXA-43
Student:Toshpo`latov Umid
Teacher:Achilov Oybek

_{Tashkent-2022
Finance and banking in Ukraine}
T he economy of Ukraine
The economy of Ukraine is an emerging, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.
The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the global financial crisis of 2008. The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. In the early 2010s, Ukraine was noted as possessing many of the components of a major European economy: rich farmlands, a well-developed industrial base, highly trained labour, and a good education system.
In October 2013, the Ukrainian economy lapsed into a recession. The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia. The early 2014 annexation of Crimea by Russia, and the War in Donbas that started in the spring of 2014 severely damaged Ukraine's economy and severely damaged two of Ukraine's most industrial regions. In 2013, Ukraine saw zero GDP growth. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession. Despite these improvements, Ukraine remains the poorest country in Europe, which some journalists have attributed to high corruption.
Banking
National Bank of Ukraine (NBU) - is the central bank of Ukraine – a government body responsible for unified state policy in the field of country's monetary circulation, including strengthening of the national currency unit, hryvnia. The National Bank of Ukraine employs over 12,000 people, making it one of the leading banks. It regulates and supervises activities, functions and legal status of government and commercial banks based on principles of the Constitution of Ukraine and the law of Ukraine.
The history of banking in Ukraine since Ukrainian independence in 1991 has seen since the late 2000s several periods of bank mergers and acquisitions of different natures. Transition to international accounting and reporting standards beginning January 1, 1998 was an important event for the Ukrainian banking system. It is currently adapting to the new international standards and the new reporting formats; the development and implementation of software has been completed. Early 2016 117 banks were operating in Ukraine, their assets amounted to ₴1.254 trillion. According to the central bank of Ukraine there were 81 solvent licensed banks in Ukraine on 1 October 2018 whose assets were ₴1.355 trillion ($48 billion). PrivatBank, Oschadbank ("Savings Bank") , Ukreximbank ("Export-Import Bank") ,
Raiffeisen Bank , UTB Bank Ukraine ("e-banking and financial services") . they are big commercial banks in Ukraine. But this not at all. There are 15 big commercial banks and more than 230 other commercial abnks in Ukraine. The National Bank of Ukraine is the central financial body of the state conducting a uniform national monetary, credit and currency policy, aiming to strengthen the national currency; organizing interbank settlements; and coordinating and supervising the whole banking system. Commercial banks varying in type and ownership are set up by legal entities and private persons as joint-stock companies. At present there are about 230 commercial banks in Ukraine. Two banks are state-owned (the Savings Bank and the Ukrainian Export-Import Bank), 41 banks are limited liability partnerships, 51 banks are closed joint-stock companies and the rest are open joint-stock companies. Their main functions include granting loans to businesses and individuals (backed by something valuable, like assets of enterprises, institutions, and organizations), cash transfers and payment services, currency exchange, and other banking transactions. The banking sector of Ukraine has a ramified system of correspondent accounts in foreign banks - about 3,800 accounts with 153 foreign banks, most of which are located in countries outside the CIS (Community of Independent States). Simultaneously, 91 non-resident banks operate around 1,600 correspondent accounts in Ukraine's banks. This supports the settlement of import-export operations.
To secure the banks' stability the National Bank of Ukraine resolved to increase the minimum amount of a commercial bank's own funds to one million of ECU, and an authorized stock of 3 million of ECU was set for the registration of newly established banks. Ukraine's banking strategy is to promote and stimulate commercial banks in solving economic and social problems in the country.