Governor of the National Bank of Ukraine has communicated that the National Bank of Ukraine has taken strict austerity measures and implemented cuts to general administrative and investment expenses.

Following the comprehensive revision of all aspects of the NBU investment programme, and more specifically plans to invest in the payment and information systems, coin minting and banknote printing production facilities, the total investment geared towards ensuring the performance of the tasks entrusted to the central bank in 2014 has been reduced by over UAH 225 million, or by 13%.

In particular, the National Bank of Ukraine Board has taken a look at the report providing a status update on the implementation of NBU social infrastructure projects and made the decision to put 9 design and construction projects on halt in 2014 as required by law. As a result, capital investments would be cut by UAH 90 million, or by 45 %.

As part of tough austerity measures, administrative expenses have been reduced by UAH 325 million, or by 15 %.

The National Bank of Ukraine has saved UAH 60 million through the implementation of a phased programme of job cuts.

According to Mr Stepan Kubiv, efforts are underway to revise all aspects of the NBU investment programmes for 2014 and the coming years in order to optimize them and make an efficient use of public funds.

It is worth mentioning that the Council of the National Bank at its session contemplated and approved amendments to the income and expenditure budget for 2014 proposed by the National Bank of Ukraine Board, emphasizing that these amendments were made in light of the current money market developments and austerity measures taken by the National Bank of Ukraine.