Ukraine approves strategy of financial sector development until 2025

Ukraine approves strategy of financial sector development until 2025

Ukrinform
The National Bank of Ukraine, together with other regulators of the financial market, approved the Strategy of Ukrainian Financial Sector Development until 2025, according the NBU press service.

"The National Bank of Ukraine, the National Securities and Stock Market Commission, the National Commission for State Regulation of Financial Services Markets, Finance Ministry and the Deposit Guarantee Fund have approved the Strategy of Ukrainian Financial Sector Development until 2025,” reads the statement.

The Strategy was presented on January 16, 2020 with the support of the USAID Financial Sector Transformation Project. The document was signed by NBU Governor Yakiv Smolii, Finance Minister Oksana Markarova, Head of the National Securities and Stock Market Commission Tymur Khromaiev, Managing Director of the Deposit Guarantee Fund Svitlana Rekrut, and member of the National Commission for Regulation of Financial Services Markets Denys Yastreb.

According to the NBU, the Strategy is aimed at ensuring that the reform and development of Ukraine’s financial sector is carried out in line with international best practices and that the actions envisaged by the EU-Ukraine Association Agreement and Ukraine’s other international commitments are implemented.

“The Strategy outlines five major priorities of financial sector development: strengthening financial stability, promoting macroeconomic development and economic growth, developing financial markets, expanding financial inclusion, and introducing innovations in the financial sector,” reads the statement.

The central bank notes that for further strengthening financial stability, the regulators will focus their efforts on enhancing the protection of creditors’ and investors’ rights, implementing the BEPS action plan, improving corporate governance in financial institutions, strengthening their internal control requirements, improving the deposit guarantee system and the system for resolving insolvent financial institutions, introducing risk-based supervision over nonbank financial institutions, etc.

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