NBU transfers UAH 10 bln first tranche of 2016 profit to state budget

The National Bank of Ukraine (NBU) on April 21 transferred the first tranche of profit for 2016 in the amount of UAH 10 billion to the national budget, the press service of the central bank has told Interfax-Ukraine.

As reported, the national budget for 2017 suggests that the National Bank will transfer at least UAH 45 billion this year. At the same time, the NBU Council during a meeting on April 15 approved the distribution of UAH 59.45 billion of the National Bank's profit for 2016, including the transfer of UAH 44.379 billion to the national budget and the use of UAH 15.072 billion for the formation of net worth general reserves.

The NBU in 2016 transferred UAH 38.16 billion of profit for the previous year to the national budget. Due to the protracted formation of the National Bank Council, whose authority includes financial reporting approval, the NBU began transferring profit only in October, distributing the entire amount in three tranches: UAH 10 billion in October, UAH 14 billion in November, and UAH 14.16 billion in December.