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© . The national flag of Ukraine flies over the city of Kramatorsk, Ukraine Nov. 25, 2021. Photo taken with a drone on Nov. 25, 2021. REUTERS/Valentyn Ogirenko
LVIV () – Russia’s invasion of Ukraine has led to a slowdown in economic activity, draining 5% of deposits from corporate bank accounts in two weeks, the central bank said on Wednesday. It said most of the 40 billion hryvnias ($1.35 billion) withdrawn from bank accounts had been spent by companies to pay salaries and taxes, and the accounts had not been replenished. “At the same time, the flow of funds into their accounts has slowed significantly due to the slowdown in economic activity,” it said in a written response to . The central bank said it would continue to support banks with loan refinancing to avoid their insolvency. As of now, “banks have a sufficient stock of highly liquid assets to meet their obligations, so the reduction in the resources of legal entities will not lead to a breach of their stability,” the central bank said. The volume of individual deposits in the hryvnia currency had grown by 50 billion hryvnia in the same period when people in some conflict zones do not have access to banks, meaning they cannot withdraw physical money. ($1 = 29,7000 hryvnias) Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.