Daily monitor

According to the Ukrainian newspaper “Delo”, the operational committee of the EBRD has approved the decision about providing subordinated debt to five Ukrainian banks: Ukrsotsbank [USCB UZ, U/R], Forum Bank [FORM UZ, U/R], Megabank [MEGA UZ, U/R], Ukrsibbank and Ukreximbank.

According to a note from the National Bank of Ukraine (NBU), a current account deficit of USD 78 bln was observed in February, thus resulting in a CA surplus for the second month in a row.

MCB Agricol [4GW1 GR, U/R], a Ukrainian agricultural producer that is mainly focused on crop cultivation and grain trading, has started its spring sowing campaign in the southern regions of Ukraine.

Dniproenergo [DNEN UZ, U/R] held its AGM yesterday, with the owners of 97.85% of the company’s shares checking in.

On March 24, 405.0 thsd mt of oil was sold at Resources Auction 127, which took place on the floor of the Ukrainian Interbank Currency Exchange.

Monday was rich with mixed macroeconomic statistics on Ukraine. The Ministry of Economy released data on February’s production of goods and services index and budget deficit.

The National Bank of Ukraine (NBU) is going to provide UAH 1 bln in refinancing funds to Raiffeisen Bank Aval [BAVL UZ, U/R] for the purpose of providing loans to Ukrainian agricultural enterprises.

According to newly-issued data, the Kremenchug-based AvtoKrAZ holding company [KRAZ UZ, N/R] – the only Ukrainian manufacturer of heavy trucks – recorded a net profit of UAH 66.117 mln (USD 12.47mln) in 2008, which is 10.6% lower than the year before (UAH 73.98 mln).

According to officials from Motor Sich [MSICH UZ, BUY], the company ended 2008 with net sales of UAH 2.47 bln (USD 466 mln), which is up by 17%; however, net income dropped by 56 times to UAH 3.8 mln (USD 0.72 mln) in comparison with 2007.

On March 19, the Ukrainian Parliament rejected the draft law “About changes to additions to several Ukrainian laws regarding providing access to universal telecommunication services”.