National Bank of Poland signs deal to help Ukraine’s financial system
PR dla Zagranicy
Roberto Galea
23.12.2015 11:25
The National Bank of Poland (NBP) has agreed to establish a currency swap line between the Polish złoty to Ukrainian hryvnia currencies with the National Bank of Ukraine (NBU).
National Bank of Ukraine. Photo: Wikimedia Commons
The banks’ agreement has the intention of supporting the NBU in stabilising Ukraine’s financial system.
“By signing this agreement Poland has joined a group of countries and international organisations that actively support the ambitious programme of economic reforms in Ukraine.
“The swap agreement signed between NBP and the NBU should increase confidence in Ukraine’s economy and lower the risk of financial turbulence, which could have a negative impact on the economy of the whole region, including Poland,” commented Marek Belka, the NBP President.
The swap deal will cover transactions worth up to PLN 4 billion (EUR 0.94 billion). According to the governor of the NBU, Valeria Gontareva, the currency received from the swap will be used to increase Ukraine’s international reserves.
“The stability of Ukraine is a very important issue for us, and is also important for our economic system,” Belka added, also speculating that the deal could in future help Polish businesses to trade with Ukraine.
Poland has frequently taken action to support Ukraine in the past two years, including the offer of a loan worth EUR 100 million earlier this year to help the country’s economy. (sl/rg)
Source: PAP, NBP