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the PROSTIR system and configuring all its terminals to be compatible with the corresponding cards. The terminal network will be updated in stages lasting until the end of 2022. "Now, every Ukrainian will have the opportunity to carry out cashless payments using payment cards from any payment system and in every corner of Ukraine. This opportunity has acquired special significance under martial law conditions," emphasised Andriy Poddyerohin, director of the specialised department of the NBU. According to the director, ensuring acceptance of PROSTIR cards throughout Ukraine’s entire payment infrastructure is one of the leading goals of the Financial Sector Development Strategy of Ukraine by 2025.
8.1.4 Bank news
PrivatBank transfers its Latvian subsidiary to local Industra Bank.
According to the company’s statement, Industra Bank will take over customer relations from PrivatBank, including the management accounts of clients and legal entities, credit, and leasing portfolios, deposits, as well as the securities owned by the bank. The volume of loans transferred under the agreement is approximately $23 million, while the volume of deposits exceeds $57 million.
8.2 Central Bank policy rate
The National Bank of Ukraine (NBU) left its monetary policy interest rate at 25% in August. The central bank also decided to devalue the currency by 25% to UAH36 to the dollar on the same day in an effort to bring the official exchange rate into line with the cash rate that exchange kiosks are using.
61 UKRAINE Country Report September 2022 www.intellinews.com