Kernel arranged currency swap first in Ukraine

The Kernel company was the first in the financial market of Ukraine to conduct a hryvnia-dollar currency swap transaction.

Agroholding exchanged currencies with ING Bank Ukraine with the condition of reverse exchange after a certain period.

“The National Bank of Ukraine has just allowed currency swaps for non-banking institutions. We support the liberalization of the market by the National Bank and hope that this instrument will allow the market to borrow funds more efficiently, which is an important factor for economic growth,” commented Ruslan Aksenov, Head of the Kernel treasury.

Previously the company informed about receiving a notification of major holdings about crossing the 5% threshold of voting rights.

Note: a currency swap involves the exchange of interest — and sometimes of principal — in one currency for the same in another currency. Interest payments are exchanged at fixed dates through the life of the contract. It is considered to be a foreign exchange transaction and is not required by law to be shown on a company's balance sheet.