OREANDA-NEWS. October 14, 2009. On 13 October 2009, amendments to the 2009 State Budget law were promulgated. Specifically, Verkhovna Rada obligated NBU to transfer its 2009E Net Income in the amount of at least UAH 9.8bn to the State Budget of Ukraine. These funds are to be directed for financing the preparation for EURO-2012 football championships. Additionally, both the State Budget Income and Expenditures were increased by UAH 6.3bn.

Millennium Capital sees the news to be rather negative. On the one hand, the funds thus allocated may be used to pay for the works of some construction and transportation companies. Yet, on the other hand, the NBU profit will not exceed UAH 1bn in 2009. Therefore, it will have to handle uncovered money emission, which, according to our estimates, may devalue hryvnia by around 2% or by UAH 0.10-0.15.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of tickets selling for its flights due to high arrearage to the creditors of the company.