Kolobov seeking EBRD's consent to lending in local currency

Ukraine's finance minister Yuriy Kolobov discussed with first vice President of the European Bank for Reconstruction and Development Philip Bennett the possibility of international financial institutions' providing loans in hryvnia.

This was discussed during a meeting between the finance minister and a delegation of the EBRD, the press service of the Finance Ministry reported.

"In order to address the urgent problem for both the EBRD and for many international financial institutions, particularly, regarding the possibility to conduct transactions in the Ukrainian currency, the Ukrainian government has drafted a law on securities and stock market, which is now being prepared for second reading at the Verkhovna Rada of Ukraine," Kolobov said, Ukrinform informed.

EBRD representatives noted progress in the preparation of amendments to the legal basis in Ukraine, which will open the opportunity to start lending to Ukrainian borrowers in local currency, and then allow the EBRD to attract hryvnia funds through the issuance of local bonds.