Page 79 - UKRRptDec23

Therefore, by converting currency funds, the government received less hryvnias to finance budget expenditures.
Foreign private remittances decreased 8.7% to $943M in September.
Wages received by Ukrainians from abroad decreased by 8.7%, and other private transfers received through official channels decreased by 18.4%.
8.0 Financial & capital markets 8.1 Bank sector overview
Ukrainians’ trust in banks is growing, and here is why: Over the past year, the volume of deposits in Ukrainian banks increased by more than 8.6%, reaching a record ₴1.14T. Ukrainians keep ₴733B of this amount in the national currency and ₴409B in foreign currency. Financial experts say that the stability of the banking system, a law guaranteeing 100% of individuals‘ deposits during martial law, and quick and uninterrupted payments made to depositors from bankrupt banks were the main factors that ensured a high level of trust in banks. At the same time, from February 24, 2022, until today, eight banks have started withdrawing from the market, and Sens Bank, due to Russian ownership, was nationalized. However, these processes did not shake the market. The nationalization of Sens Bank went unnoticed. On the first day of the temporary administration, the deposit increase amounted to ₴330M. "Our banking system demonstrated its reliability and solvency during a full-scale invasion,” expertsnoted.
79 UKRAINE Country Report December 2023 www.intellinews.com