Fitch revised banks forecast due to coronovirus epidemic
The international rating agency Fitch confirmed the long-term issuer default rating (IDR) of eight Ukrainian banks at “B”, but revised its rating outlook downward due to the impact of the coronovirus epidemic.
As a result, the rating forecasts for Oschaidbank, Ukreximbank, Privetbank, Ukragsbank, Credit Agricole Bank, Presidit Bank and Pravexbank were changed from “positive” to “stable”, and Fubi – to “stable” to “negative”.
Fitch also predicted that the Ukrainian economy would shrink by 6.5% in 2020 due to the negative impact of coronovirus, a quarantine ban imposed by the Ukrainian government and the hryvnia devaluation.
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Earlier, the cabinet called an unexpected plus quarantine. So, Ukraine’s Prime Minister Denis Shimgal said that according to the government’s estimate, Ukrainians’ spending on foreign trips would decrease by $ 5 billion by 2020. Savings are possible due to quarantine and closed borders. According to Shimgal, the reduction in expenses on foreign travel should compensate for the significant labor shortage for Ukrainian immigrants who previously sent foreign currency from abroad, but returned home in the last month.
Read: Ukraine in global crisis: what will happen to the dollar, communal apartments and gas prices
According to the material unian.net