Panel discussion on creation of effective stock market and investments took place with participation of deputy Finance Minister Artem Shevalyov

On September 24-25, during Odessa Financial Forum a panel discussion on the creation of an effective stock market and on investments in Ukraine took place. The discussion was attended by deputy Finance Minister Artem Shevalyov, deputy Head of the National Bank Oleg Churiy, member of the National Commission for the Regulation of Financial Services Olexandr Zaletov as well as be representatives of Ukrainian financial institutions and international experts.

Deputy Finance Minister Artem Shevalyov was focused on the cooperation between the Finance Ministry and the stock market, including the Ministry’s strategy to increase liquidity and its plans to engage state-owned and private banks to the management of public liquidity.

"The Finance Ministry plays an important role in building an effective stock market. That is why we will be striving to expand the range of financial instruments which we offer to the market", Mr. Shevalyov said.

It was noted during the discussion that the Finance Ministry has not issued any domestic bonds this year with the exception of the re-capitalization of the state-owned banks, JSC “Naftogaz Ukrainy” and loans to the Deposit Guarantee Fund. It preferred to offer bonds nominated in US dollars instead, which resulted in the significant postponed demand on the domestic market.

According to Mr. Shevalyov, the Finance Ministry is not going to issue domestic bonds till the end of 2015 which is due to the high amount of funds available on the account of the State Treasury and on the currency accounts of the Government.

"The reality is that the Finance Ministry is not going to issue bonds nominated in UAH till the end of 2015. At the same time, we will be ready to consider the emission of some bonds by the end of the first quarter of 2016. That will depend on the success of the National Bank’s policy and on the state budget revenues", Artem Shevalyov
said.