ARMA is preparing to invest seized currency for the needs of the Armed Forces for the first time
All funds spent by the Agency for Search and Asset Management (ARMA) on the purchase of military bonds will be directed to the defense capability of Ukraine.
For the first time, ARMA is preparing to purchase military bonds for seized foreign currency. The government has already granted appropriate access to the institution. About it in Telegram reported head of the agency Olena Duma.
According to her, the Cabinet of Ministers gave its consent to ARMA’s purchase of military bonds for a record amount of almost 38 million dollars. It is about 31 million dollars and 6.5 million euros of seized funds that are in the accounts of the agency.
It is expected that the income from military bonds (about 4% per annum of the amount of all purchased securities) will be directed to the state budget to ensure defense needs. This amount can amount to 1.6 million dollars, or almost 64 million hryvnias.
“Now this money will work for our joint victory. This means that our defenders will receive additional funding for the most necessary: equipment, equipment, medicines, etc. Every hryvnia will work to strengthen Ukraine’s defense capabilities.”Duma explained.
It should be noted that earlier ARMA had the possibility of using the national currency transferred to the administration, but this permission did not extend to foreign currency. The agency could place currency exclusively on deposit accounts with a maximum income of 1%.
In April 2024, the Verkhovna Rada voted for changes to the law “On the National Agency of Ukraine on Identification, Search and Management of Assets Obtained from Corruption and Other Crimes.” This document provides ARMA with the opportunity to manage seized funds in foreign currency. For example, funds that were seized in criminal proceedings and charged to state revenue can be used to purchase military bonds.
