"The resumption of Ukraine’s economic growth and reducing the gap with our western neighbors, which unfortunately increased significantly since 2009, is not possible without foreign investors. The results of interviewing international companies that invest around the world show in which areas the Ukrainian investment climate is uncompetitive and where the leadership of the country should aim first," Dragon Capital CEO Tomas Fiala said.

“The central bank can’t look into the future with confidence,” Olena Bilan, Dragon Capital chief economist, said by phone. “The current level of reserves is only sufficient to withstand small and short-term pressure on the hryvnia.”

Tomas Fiala, chief executive officer of the Kiev-based investment bank Dragon Capital, notes that Privatbank’s own data suggest more than a third of its loan portfolio has gone to companies in sectors such as oil, iron alloys and aviation, where Kolomoisky’s group dominates.

“Privat Group had operating control over the company,” said Denis Sakva, an analyst at Dragon Capital, adding that that the company’s previous management rules – requiring a 60 percent quorum on shareholder meetings for decision-making – had allowed Privat “to block all unwanted shareholder meetings.”

“Consumer confidence is rising gradually on the back of low inflation, nominal wage growth and overall macroeconomic stability,” said Olena Bilan, chief economist at Dragon Capital in Kiev, said by phone before the data were released. “The recent increase in steel prices may have translated into higher salaries and capital investments.”

“They brought domestic gas prices to import parity. Very positive move,” said Olena Bilan, an economist at Kiev-based investment bank Dragon Capital.

Chief Economist at Dragon Capital Olena Belan has also explained stabilization and strengthening of the hryvnia against the dollar with external factors, including a significant increase in prices of steel and iron ore on the world markets.