In July 2024, Ukraine’s Ministry of Finance raised UAH 38 billion through government bond issuance, comprising UAH 26.4 billion and USD 285.7 million.
Of the total, UAH 35.5 billion were military bonds. The funds are used to meet the state’s financial needs during the wartime situation.
During July, Ukrainian businesses increased their investments in government bonds by UAH 10.6 billion, while individual citizens invested an additional UAH 5.2 billion compared to June. As of August 1, over UAH 1.67 trillion in government bonds are in circulation. The largest shares are held by commercial banks (43.4%) and the National Bank of Ukraine (40.7%). The share of legal entities and individuals has increased compared to the previous month, accounting for 10.2% (+0.5%) and 3.8% (+0.2%), respectively. Non-residents hold 1.9%, while local communities have 0.04%.
Repayments of government bonds amounted to UAH 10.2 billion in July. The refinancing level for government bonds since the beginning of the year stands at 146%, meaning the Ministry of Finance attracts almost twice as much as it repays.
The average yield on UAH-denominated government bonds in July was 15.08%, while for USD-denominated bonds it was 4.66%. Government bonds continue to be the most attractive investment instrument in the market.
Overall, from January to July 2024, the Ministry of Finance raised UAH 289.3 billion through bond auctions. During the wartime period, the total amount raised is UAH 1.1 trillion.
Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the United Arab Emirates (UAE), is setting up a $4-5 billion fund to invest in India through a tax-neutral finance hub in
The positive circumstances for the massive investment program funded by the Recovery Fund and NSRF, as well as from the significant rise in revenues due to the curtailment of tax evasion, create conditions
Legislation to impose a minimum tax rate of 15% on large multinational enterprises with an annual turnover of €750 million is ready for implementation. This harmonisation bill transposes the European
Cyprus has yet to enforce the new EU rules introducing a minimum effective tax rate of 15% for multinational corporations operating within EU member-states. Alongside nine other countries, Cyprus was