The National Bank transferred the first tranche of profit for 2017 to the state budget – 15 billion hryvnias, Finclub reports.

“The first tranche to the state budget was transferred on April 16, 2018, amounting to UAH 15 bln”, NBU’s press office reports.

The remaining amount – UAH 29.6 bln – will be transferred in full within 2018 as per the schedule, approved by the Ministry of Finance.

NBU reminded that NBU Board approved the profit for the regulator’s distribution for the last year for the transfer to the state budget in 2018, amounting to UAH 44.6 billion.

After deducting the unrealized gains and the release of irrelevant capital reserves, the NBU’s profit for distribution on December 31, 2017, was UAH 45.9 bln, out of which: UAH 1.3 bln will be allocated for the formation of general reserves and UAH 44.6 bln is subject to transfer to the state budget 2018.

The law on the state budget for 2018 provides that NBU should transfer UAH 50.5 bln to the budget.  

The article 15 of the law on budget says that “in 2018, after approval by the external audit and approval of the annual financial statements by NBU Board as well as the formation of reserves by the National Bank within the procedures and amounts, defined by the law on NBU, NBU transfers to the state budget the funds, amounting to UAH 50.549 bln”.

Reportedly, on December 7, the Verkhovna Rada approved the draft on the state budget for 2018.

In the finalized draft law as opposed to the draft law, presented for the first reading, the revenues increased by UAH 36.57 bln (or by 4.2%).

The expenditures increased by UAH 40.5 bln (or by 4.3%).

The state budget deficit increased by UAH 3.9 bln, the coverage of which is envisaged by special confiscation. It is planned to obtain a total of UAH 4.7 bln of revenues from the special confiscation.

In 2018, the state budget revenues are set at UAH 917.9 bln, expenses – at UAH 991.7 bln.

In 2017, the National Bank transferred UAH 44.4 billion of its profit for 2016 to the state budget.