The hryvnia strengthened despite fundamental factors

the budget Deficit, which increased significantly in December, continued to rise in January.

According to the Treasury, customs and tax authorities in January to collect 62.1 billion UAH of taxes, of which UAH 19.7 bn was immediately sent to a VAT refund. So instead of 53.1 billion UAH, the budget received only UAH 42.4 billion.

Overall, the budget revenues in January totaled 54,49 billion, which is 10.7% or 6.56 billion inferior to the planned level and by 1.3% or 700 thousand UAH less revenue January 2018.

General Fund received in January a 44.25 billion, which is 18.9%, or 10.33 billion UAH less than the planned level by 10.9% or UAH 5.4 billion less revenue January 2018.

Tax revenues in January amounted to 39,62 billion, which is 13.2% more than in January 2018, notes the state Treasury.

the reimbursement of VAT rose to a record high of 19.71 billion, which is 64.2% or UAH 7.7 bn higher than in January 2018.

Balance of tax revenues was a result of 19.91 billion UAH, which is by 27.8% less than the plan and by 13.4% than in January 2018.

in General, in January of DFS short of fulfilling the plan by 20.1%, which is 11.8% less than in January 2018р.

the Revenues of local budgets in January rose compared with the corresponding month of the previous year by 20.8% to 18.97 billion, and revenues from ERUs increased by 26.1% to of 19.12 billion.

the Main causes of budget revenues in January were:

the

record a VAT refund in the amount of UAH 19.7 bn, of which 9 billion was declared to return in November. Delays in payment has increased the budget expenditures in January 2019.

• the decline in imports, and, as a consequence, the reduction of customs duties and VAT;

the January decrease in the demand for currency from importers amid high activity of exporters has led to an excess of proposals of foreign currency on demand and has strengthened the hryvnia on the interbank market.

Excess currency purchased by the national Bank in anonymous format through a system of Matching. Trading ended at the level of 27,4850/27,5150 UAH/$.