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Analytics and Market news

Monday, 20 March 2023

Ukraine Weekly Market Monitor

Eavex Capital

On March 16, the National Bank decided to keep the key policy rate at 25%. According to the regulator, this step will prop up the attractiveness of hryvnia savings and will contribute to maintaining the stability of the foreign exchange market. At the same time, the National Bank lowered the overnight deposit certificate rate for banks to 20% in order to encourage banks to increase the share of time deposits, as the ability of banks to invest in the National Bank’s three-month deposit certificates at 25% will depend on the volumes of hryvnia household deposit portfolios formed by banks. The next meeting of the Board of the National Bank on monetary policy will be held on April 27.

Consumer inflation in Ukraine is slowing down for the second month in a row and at the end of February amounted to 24.9% in annual terms. The decline in inflation began earlier than the National Bank predicted. Directly in monthly terms, consumer prices increased by 0.7% in February, which gives hope for more restrained inflation at the end of this year.

Among the main Ukrainian listed companies, we note a further sharp increase in quotes for CentrEnergo (CEEN) by 31% to UAH 4.70. But this increase in quotes again occurs without significant transaction volumes. Raiffeisen Bank (BAVL) declined by 1.6% over the week to 30.5 kopecks.

On the London Stock Exchange, iron ore company Ferrexpo lost 10% to trade at GBp 121 per share, ignoring the release of the company’s better-than-expected 2022 financial results. Perhaps some of the negativity of investors towards the company relates to the fact that Ferrexpo’s main beneficiary has reduced its stake in the company from 50.3% to 49.5%. It is possible that this action was for a purpose that the main beneficiary does not own a controlling stake for legal reasons (the main beneficiary of Ferrexpo is currently under investigation).


- Ferrexpo’s Net Profit Plunges Four Times to USD 220mn in 2022

The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Bank’s official website under the link below:


full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

Dmitry Churin, Head of Research, [email protected]

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