The National Bank of Ukraine plans to update the financial sector development strategy by the end of June
It is noted that the strategy will take into account "current realities and the influence of factors experienced by the Ukrainian financial system"
The Head of the National Bank of Ukraine (NBU), Andriy Pyshnyi, and his deputy, Serhiy Nikolaychuk, met in London with the President of the EBRD, Odile Renaud-Basso.
This was reported by the regulator.
The meeting focused on assessing the resilience of the banking sector. The NBU is conducting an assessment of bank assets and stress testing, after which a capital restoration is planned.
"Currently, the National Bank, in collaboration with other regulators, is working on updating the Financial Sector Development Strategy, which will reflect current realities and the influence of factors our financial system is experiencing. Our goal is to complete this work by the end of June 2023. We are making great strides," said Pyshnyi.
Additionally, the National Bank discussed the implementation of a military-political risk insurance system.
According to the head of NBU, the plan is to quickly move from concept to real implementation. "The EBRD has a strong team of experts working on this. They are ready to propose a working model for testing, particularly in the trade finance segment. This will undoubtedly stimulate further recovery of the Ukrainian economy. We look forward to the development of this issue," he added.
Moreover, as the regulator specifies, other issues were discussed during the meeting. In particular, the status of cooperation with the IMF, the NBU's fulfilment of the provisions of the Memorandum on Economic and Financial Policy with the IMF, and the continuation of corporate governance reform in state-owned banks.
Background. Mind previously reported that the NBU had determined its mid-term strategy.
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