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Tuesday, January 3, 2017

Year of major banking cleansing

Olha Hordienko

Photo from UNIAN
Ukraine’s banking system in 2016, the year so dramatic for the sector, has lost 18 financial institutions, while the country’s largest bank, PrivatBank, was transferred to 100% state ownership. Will these measures adopted by the National Bank and the government result in the improvement of the national banking sector, and what should depositors and bankers expect in 2017?


Ukrainian bankers have completed another difficult year full of hard work to improve the condition of the banking business and some important strategic decisions of the state regulator.


In the context of dependence from global prices in the commodity markets, which is still high, as well as the ongoing aggression and trade restrictions imposed by the Russian side, British decision to withdraw from the EU, and uncertainty in connection with the change of the U.S. leadership, Ukraine's economy resumed growth after a long recession, while inflation slowed down.

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