OREANDA-NEWS. On 26 August 2009 was announced, that the Verkhovna Rada overrode President's Veto on NBU obligation to transfer UAH 9.8bn to the State Budget for preparing for the European Football Championship 2012. Thereby, the NBU will transfer UAH 9.8bn to the State Budget on 29 August 2009.

We consider that the financing of the preparation to EURO 2012 will be provided via unsecured money emission, which will not increase the inflation just in the case of no additional issue of the local government bonds. By our estimation, the additional unsecured money supply, which has no inflation effect, should amount to around UAH 14bn till the end of 2009.

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