Page 46 - UKRRptDec21

Respondents’ assessments of the Ukrainian financial sector’s current standing improved to record highs since this poll began in May 2018. This is according to the November 2021 Systemic Risk Survey. The financial sector situation has improved over the past six months, almost 40% of top managers said. This was the first time that respondents rated the financial sector’s resilience to high-impact adverse events as above average. Most financial executives said they did not expect the financial sector’s condition to deteriorate in the next six months, while one-fifth of those surveyed predicted an improvement. Respondents continued to regard the overall level of corruption, the activities of law enforcement authorities, and the judiciary as the main sources of risk. The risk of Russia scaling up its aggression in the east of Ukraine was named as one of the top three risks for the first time since the survey began. Estimates of economic factors continued to improve, although inflation risks increased markedly. The new risk factors "anti-pandemic quarantine measures" and "climate change" ranked eighth and eighteenth, respectively. The overall risk appetite of financial institutions has slightly increased over the past six months. The next Systemic Risk Survey will be published in May 2022.
OECD: Ukrainians have some of the lowest retirement savings globally.
Ukraine’s seniors had a combined $123mn in retirement savings in 2020, which was just 0.1% of the country’s GDP. This is the second-lowest rate out of 89 countries surveyed by the Organization for Economic Co-operation and Development. Only Pakistan’s rate was lower. As of August 1, the average pension throughout Ukraine was $145 per month, according to the Ministry of Social Policy. Denmark has the highest retirement savings, which account for $882bn, 229% of the country’s GDP. Denmark is followed by the Netherlands (213%) and Iceland (207%).
The Ministry of Finance and Dragon Capital launched a mobile investment application Multi Invest. Using the application will make it possible to invest in shares of foreign companies, exchange-traded funds (ETF), cryptocurrency, and domestic government bonds. “The idea of Multi Invest is to make investments available to everyone. Thanks to the intuitive interface and prompts, users can start investing with Multi Invest”, said Sergey Vinderskikh, the Co-founder and Head of Fintech Product at Treeum. The Multi Invest app plans to combine all types of investments that can be managed on the phone. The launch of the application is scheduled for the first quarter of 2022, announced minfin.com.
The National Bank of Ukraine (NBU) announces an increase in financial literacy among Ukrainians. The level of financial literacy of Ukrainians has grown significantly in three years: from 11.6 points in 2018 to 12.3 points this year said the Chairman of the National Bank, Kyrylo Shevchenko. This indicator contains various components: financial knowledge, financial behavior, attitude to economic issues, etc., said on FB Kyrylo Shevchenko. Also, he added that Ukrainians aged 25-34 and 30-59 have the highest level of financial literacy. On the other hand, the least financially savvy are young people aged 18-19 and those aged over 60.
Mortgage rates in Ukraine fell this year by 1.5%. In September 2021, banks issued 943 mortgage loans worth UAH 812 mln ($31 mln). In total, in the
46 UKRAINE Country Report December 2021 www.intellinews.com