The National Bank of Ukraine (NBU), Ukraine's Economic Development and Trade Ministry, Deposit Guarantee Fund and Transparency International Ukraine (TI Ukraine) have signed a memorandum of cooperation to create and introduce a new electronic trading platform using standards and principles of the ProZorro electronic procurement system.

The central bank said in a press release that single rules for organizers of trading will be drafted. Competition on the market would increase thanks to facilitating access of exchanges and investors to information about assets.

The parties of the memo said that this will help to increase revenue from sales. This will help the Deposit Guarantee Fund to return borrowed funds and satisfy claims of creditors.

Society can get open access to information about the results of trading.

NBU Governor Valeriya Gontareva said at the signing ceremony that the debt of insolvent banks on refinancing credits is UAH 46.6 billion and UAH 7 billion of interest.

Deputy Economic Development and Trade Minister Maskym Nefyodov said that the ProZorro system has held over 120,000 tenders and helped to save UAH 1.8 billion. He said that with the full switch to the system from August 1 saving would significantly grow.