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advisory body that develops monetary policy and evaluates the central bank’s activity. This body, composed of members appointed by parliament and the president, has frequently been at odds with the bank’s governance in previous years. The law reduces the influence of the council, which will no longer be able to evaluate the impact of the NBU’s policy decisions and its governance. It also introduces a code of ethics for NBU employees and clarifies the grounds for dismissal of the head of the central bank and their team. People who had been prosecuted or who headed a bank that the NBU has declared insolvent will not be able to become NBU council members. The central bank will no longer have to provide the Ministry of Finance with a clear profit forecast when preparing the state budget, which strengthens the banks against political meddling.
Two bills were signed on NBU independence by Verkhovna Rada Chairman Ruslan Stefanchuk. The first Bill No. 5853. The Budget Code of Ukraine to clarify the information provided by the National Bank of Ukraine (NBU) for the preparation of the Budget Declaration. The list of information that the NBU must submit annually to the president, the Verkhovna Rada, and the Cabinet of Ministers of Ukraine about the estimated forecast for the part of the profit before distribution, which is to be transferred to the state budget. The Second Bill No. 5852 the law of Ukraine 'On Public procurement by the NBU of legal services to represent its interests in foreign authorities, as well as those related to the protection of its rights and interests during the settlement of disputes and the consideration in foreign jurisdictions of cases in which the NBU is a party.
The state program "Affordable Loans 5-7-9%" continues to grow. Just in a week, the program issued 480 loans totaling UAH 1.2 billion, reported gov.ua. Since the start of "5-7-9%", representatives of micro, small and medium enterprises (SMEs) have received 24,594 loans from authorized lenders in the amount of UAH 64.8 billion. Entrepreneurs received UAH 7.8 billion as working capital, UAH 35.47 billion as anti-crisis loans; and UAH 21.5 billion was issued to refinance existing loans.
947 loan agreements worth UAH816mn were issued under the Affordable Mortgage program, reported the Ministry of Finance. As of October 18, banks that are authorized banks to undertake loans in the State Program "Affordable Mortgage 7%" signed 947 loan agreements totaling UAH816mn ($31mn). The Program involves 23 regions, including the Ukrainian capital, Kyiv. According to applications for loans, the most active regions last week were: Kyiv and Kyiv regions.
The terms for "Mortgage at 7%" to undergo changes. The conditions for obtaining a soft loan at 7% are set out in a government decree No 63. The maximum loan amount is UAH 2 mln ($76,000). The maximum term is 20 years, and the minimum down payment is 15% of the cost of housing. Loans are now issued for the purchase of residential property in the construction phase in the primary market, or the secondary market.
The number of leased cars increased by 39%. The number of cars leased during the first three quarters of 2021 increased by 39% compared to the figures for the same period in 2020. During this time, lessors registered 5,295 vehicles: of which 72% were new cars, the remainder were used. 89% was provided under financial leasing, reported Ministry of Finance.
44 UKRAINE Country Report November 2021 www.intellinews.com