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Tuesday, November 21, 2017

NBU to hold capital expenditures in favor of non-core asset sale

The National Bank of Ukraine (NBU) recently announced a decision to place capital expenditures on hold and sell its non-core assets, which are worth more than $76.2 million.

The bank will specifically target facilities related to its non-statutory functions, including the Ciscarpathia recreation center in the town of Yaremche.

The decision was adopted by the bank's board on the basis of proposals by the central bank's Asset and Liability Management Committee with regard to the fate of non-core assets. In April, the bank suspended nine construction projects.

"The National Bank's decision to dispose of non-core assets is a clear indication of the central bank's commitment to tackling the issue in a transparent and consistent manner," NBU Governor Valeria Gontareva said. "I consider it inexpedient to spend money on maintaining these facilities. Therefore, they should be either sold or wound down."