The Verkhovna Rada Committee on Finance has supported the revised draft law on Ukraine’s accession to SEPA. Adoption of this law is crucial for Ukraine to receive financial aid from the World Bank and the EU under the Ukraine Facility program. The parliament approved the law after an amendment that prevents law enforcement from accessing official registers containing information regarding individuals’ bank accounts and safe deposit boxes until Ukraine joins the EU. Oleksiy Shaban, Deputy Chairman of the NBU, stated that SEPA accession is essential for integrating Ukraine’s financial sector into Europe’s financial system, enabling cheaper, faster cross-border euro payments. SEPA includes 41 countries with standardized bank settlements.The Finance Ministry estimates potential savings of €70-100M annually on international transfers, with small and medium-sized businesses saving €4,000 per year. Economically, this is expected to reduce transaction costs and increase IT exports, potentially raising GDP by 0.3% in the first year. The integration improves transaction transparency and simplifies calculations, boosting business competitiveness. For individuals, it means faster, cheaper euro transfers and may lead to a decline in informal transfer channels. Shaban emphasized that joining SEPA is designed to increase financial transparency without increasing citizen control, ultimately lowering payment costs, expanding EU market access, and building trust in Ukraine’s financial system.https://ubn.news/joining-sepa-could-boost-ukraines-gdp-by-0-3-while-lowering-business-payment-costs/ (ICE KIEV)

Fonte notizia: UBN News