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The volume of the "shadow" economy of Ukraine is up to 30% of GDP—NBU Governor

Ukrainians keep about $ 30-35 billion "under the pillow". Photo: finbalance.com.ua

Ukrainians keep about $ 30-35 billion "under the pillow". Photo: finbalance.com.ua

The volume of the "shadow" economy of Ukraine is up to 30% of GDP. The approximate amount of citizens' savings "under the pillow" after 2010 is estimated at $30-35 billion. The Governor of the National Bank Kyrylo Shevchenko stated this during a speech at the Kyiv International Economic Forum, Interfax-Ukraine reports.

Quote"There are different estimates of the "shadow" economy. We at the National Bank believe that this is up to 30% of GDP. If we talk about the volume of Ukrainian citizens’ savings that are outside the banking system after 2010, then it is $30-35 billion—in dollars, euros, and hryvnia," Shevchenko said.

He explained the lack of an estimate before 2010 by problems in statistics.

Quote"As for the question of how to get this money "from under the mattress", this is a non-bank financial market. Today this market is dynamic, its path to the client is shorter than that of the banks," the Head of the NBU noted.

Shevchenko said that the National Bank had initiated an update of the legal framework of the non-banking financial market, because the current laws had been adopted 20 years ago.

In the meantime, the Governor of the National Bank stated that the citizens have 2.5 investment options: deposits and real estate, as well as government bonds that he estimated at 0.5 options.

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