The Cabinet of Ministers of Ukraine based on the findings of the independent auditor Ernst & Young (EY) has decided to inject another UAH 38.5 billion into PrivatBank (Kyiv), Finance Minister Oleksandr Danyliuk said.

"The government has just taken a relevant decision," the minister said at a briefing on Friday following an extraordinary meeting of the Cabinet.

According to him, the process of additional capitalization will be carried out in two stages, the first of which will involve issuing government bonds to the tune of UAH 22.5 billion.

"Monetization of these bonds is not envisaged, which means that the additional capitalization of the bank will not affect the currency market and the level of inflation," the Finance Minister stressed.

As reported, the Ukrainian government on December 18, 2016 decided to nationalize Ukraine's No. 1 bank, PrivatBank. It became wholly owned by the state. After the government became its owner, the Finance Ministry additionally injected UAH 116.8 billion into it, including UAH 9.8 billion in 2017.