Italy will provide Ukraine with ‘110 million euros’ of aid: Italian Economy Minister Luigi Di Maio announced the allocation of urgent assistance to Ukraine for 110 million euros. The money will be released immediately.
It is reported by Medico topics, with reference to Di Maio’s message on Twitter
Ho comunicato al collega @DmytroKuleba di aver appena firmato la delibera che dispone l’erogazione immediata di 110 milioni di euro al governo di Kiev, come espressione concreta della solidarietà e del sostegno dell’Italia a un popolo con cui coltiviamo un rapporto fraterno.
— Luigi Di Maio (@luigidimaio) February 27, 2022.
“We have just signed a resolution that provides for the immediate payment of 110 million euros to the government of Kyiv, as a concrete expression of Italy’s solidarity and support for the people with whom we maintain fraternal relations,” he wrote. So Italy will provide Ukraine with 110 million euros of aid.
Recall that Ukraine is counting on the financial support of a dozen countries for the stable operation of its economy and banking system. The Central Bank of Poland allocated almost $1 billion to the National Bank of Ukraine on the terms of a currency swap to support reserves.
The United States also announced plans to provide financial support to Ukraine, part of which will be spent on defense needs. The authorities of France, Germany, and other EU countries also spoke about their readiness to provide funding. Italy provide Ukraine with its support.
In addition, the National Bank and the Ministry of Finance are asking the IMF to provide Ukraine with emergency funding to support it under martial law.
How banks work during the invasion of the Russian Federation and who will help Ukraine with money
The banking system of Ukraine, after a number of measures taken by the NBU, is working in a calm mode, despite the start of the war between Russia and our country. Having received financial support from the National Bank, banks meet the needs of their clients by offering credit holidays and canceling commissions for a number of transactions.
Where do we get money
Ukraine is counting on the financial support of a dozen countries for the stable operation of its economy and banking system. One of the first to extend a helping hand was the Central Bank of Poland, allocating almost $1 billion to the National Bank of Ukraine on the terms of a currency swap to support reserves.
The United States also announced plans to provide financial support to Ukraine, part of which will be spent on defense needs. The authorities of France, Germany and other EU countries also spoke about their readiness to provide funding. In addition, the National Bank and the Ministry of Finance are asking the IMF to provide Ukraine with emergency funding to support it under martial law.
The Cabinet of Ministers is also preparing to issue military bonds in the amount of UAH 400 billion, which will attract additional resources both for the needs of the Armed Forces of Ukraine and for the fulfillment of social obligations to citizens. The issue of securities will take place in stages, as it already happened in 2014 during the military aggression of the Russian Federation in the Donbass and Crimea.
Banks do not panic, there is enough money
The banking system also has enough funds to meet the needs of customers. Despite the introduction of a limit on cash withdrawals (100 thousand hryvnias), there is no panic and excitement. Moreover, on Friday, the NBU provided banks with refinancing for 51.5 billion hryvnias. If necessary, the regulator will continue to support financial institutions.
Many banks also went to meet their customers in a difficult time for the whole country. As early as Thursday, some financial institutions were forced to suspend the use of the credit limit on cards, apparently fearing mass withdrawals. But soon the credit lines became available for use again.
“Increasing the credit limit will not be available, but customers can use funds without restrictions within the existing limit,” Private Bank said on Saturday.
This bank also decided to cancel the commission for cashing out credit funds, as well as for replenishing cards for payments. In addition, the bank introduced credit holidays for servicing obligations for both individuals and legal entities until at least June 1.
In Oschadbank, in turn, they say that ATMs, where the situation allows, are supported by cash. Non-cash payments by cards are made without restrictions from the bank. The same is said in other banks. Although there are cases of mass refusal of businesses to accept cards, some shops and gas stations insist on cash payments.
“Every day Oschadbank’s collectors, in very unfavorable conditions, under martial law, load ATMs with cash. Therefore, we consider each refusal to make non-cash payments an extremely unpatriotic decision,” the bank’s press service noted.
As for the foreign exchange market, its work was stopped by the decision of the NBU for an indefinite period. At the same time, bank customers can sell foreign currency held in their accounts. The official exchange rate has so far been fixed at 29.25 hryvnia/dollar.
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