The investments have been tapered off, staff – decreased

The National Bank of Ukraine has introduced tougher measures that will help use funds sparingly, reduce administrative costs and investment expenses, Chair of the National Bank of Ukraine Stepan Kubiv said, according to the press-office of the NBU.

Owing to the ensuing review of the investment programs of the Ukraine’s National Bank covering various fields, in particular, development of the payment and information systems, fundraising to ensure printing of money etc., the total amount of investments to back up the operation of the central bank in 2014 has been decreased by 13%, which is over UAH 225 million.

In particular, having examined and discussed the issue of building the social infrastructure, the Management Board of the NBU has passed a decision to suspend work on the construction projects in 2014, with the view of requirements set forth in the legislation, which will enable to reduce capital investment by 45 % – up to UAH 90 million.

Moreover, administrative and overhead expenses have been lessened by almost 15%, which makes up UAH 325 million.

Due to step-by-step reduction in employees of the National Bank of Ukraine, more than UAH 60 million of staff expenditure has been saved.

According to Mr. Kubiv, the review of the NBU’s various investments projects is underway, including projects, which were to be accomplished in the current and succeeding years, so that to streamline and use reasonably the government resources.  

At the NBU Board’s meeting convened to approve the amendments to the cost sheets, the income and expenditure budget of the NBU in 2014, which was proposed by the NBU Management Board, it has been accentuated that the said amendments were prepared with taking into account the on-going currency volatility in the monetary and credit markets of Ukraine as well as measures undertaken by the NBU as regards sparing use of funds.