“Why does the National Bank ignore the Cabinet’s recommendation for extension of foreign exchange earnings for export of mechanical engineering products?”, – WRITE: epravda.com.ua
According to the sad irony, the annual Export Credit Forum, which is conducted in Kiev by an export-credit agency, coincided with the shameful anniversary. Exactly seven months, the National Bank ignores the decision of the Cabinet of Ministers to extend the time of return of foreign exchange earnings for export of machinery products from 180 to 270 days. This was the recommendation of the National Bank to extend the timing of the return of foreign exchange earnings for the export of a limited number of goods, the nature of which sales does not allow to close foreign trade agreements in 180 days. The National Bank ignores this government’s decision for seven months: does not make or refuse. The same amount of time the NBU ignores the Cabinet’s decision to extend the time of return of foreign exchange earnings when importing machines and other means of production. In the country there is a war, the enemy destroys the equipment on which products are manufactured, in particular defensive. The term of production of complex equipment by order usually exceeds half a year. The NBU was probably not heard about it and the government’s decisions were ignored. What do you think: this is a carelessness or intent? Advertising: in the same decree, the Government also suggested that the NBU extend the timing of the return of foreign exchange earnings when exporting agricultural raw materials. The National Bank made this decision in three weeks. Exports of raw materials – yes, export of mechanical engineering products – no, import of means of production – no. It is a false economic policy towards the NBU. In 2023, up to $ 29.1 billion in 2024. Dear manufacturers and exporters, in the problems of the time of return of the foreign exchange earnings, which you violate in our economic committee and in the government at meetings with business, are name, name and patronymic. It is symbolic that the NBU chairman did not come to the exporters forum, although his speech was in the program until the last day. Now about access to funding. It is one of the important problems called exporters and manufacturers at meetings and directly influenced by the NBU. Advertising: Read also: Main drivers and risks to the economy in 2025: the view of the National Bank Chairman on the National Bank’s website published a fresh strategy of the NBU “Financial Fortress of Ukraine” . There are many good theses, in particular, that one of the main goals of the NBU is to promote stable economic growth. This is a great news. Now, I understand, the National Bank will begin to support this norm with its own strategy in the Constitution after the termination of martial law. Do you think this strategy has something about available lending for manufacturers and exporters? Nothing. Zero. The word “export” is mentioned the only time in the phrase “export logistics”, which is clearly not the area of competence of the financial regulator. The word “production” is absent. Do you know what is present? Determination of state programs of preferential lending as a threat that will press on budget expenditures. In its official document, the National Bank considers the program “5-7-9%” and similar to it. Tens of thousands of Ukrainian entrepreneurs use credits under this program. Many of them received letters from banks that the state did not transfer money for six months and therefore have to pay the full interest rate. So: at the end of 2023 or early 2024, the government changed this term from six to nine months and banks have no right to demand it. However, the NBU cannot bring its normative act in line with for over a year and thus creates a conflict when banks have been having customers with these unjustified “letters of happiness”. These are examples of real problems with which I am responsible for the policy “made in Ukraine” from Parliament I constantly deal with manufacturers and exporters. The role and influence of the National Bank on the practical daily issues of the real sector of the economy is enormous, and its participation in the discussion on their solution is microscopic and often lies in ignoring such problems. If the National Bank is ready to talk about the real life of the real economy, not just macro -financial stability, then it is time to start this conversation. And start it with foreign exchange earnings and available lending.