- Sustainable hryvnia
- Sustainable public finances
- Reinforcing the long-term sustainability of the pension system
The National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC), the Ministry of Finance of Ukraine (MoF), and the Deposit Guarantee Fund (DGF) developed a new Strategy of Ukrainian Financial Sector Development, focused on resisting russian aggression and restoring the country. The strategy was approved by the Financial Stability Council on July 19, 2023 and replaced the pre-war Strategy of Ukrainian Financial Sector Development until 2025.
The strategy of financial sector development is based on the current context, takes into account high risks and uncertainty, and factors in the effects of the russian invasion on the environment in which the financial system operates.
The Strategy sets common priorities for regulators of the financial system that will enable the coordination of actions for ensuring the country’s financial resilience and the development of financial inclusion and accessible and barrier-free financial services.
The implementation of the Strategy will lay the groundwork for the sustainable and dynamic development of Ukraine’s financial sector and its competitiveness amid progress towards EU accession and integration into the global financial space. It will create conditions for reinforcing Ukraine’s potential on its way to victory and will contribute to the start of transformations needed for the reconstruction and growth in the national economy both during and after the full-scale war.
Vision of the ukrainian financial sector: The financial sector of Ukraine is stable, efficient, competitive, integrated into the global environment, and capable of meeting challenges, developing, and contributing to the recovery of the Ukrainian economy.
Mission of the financial sector of Ukraine: The regulation of the financial sector ensures the accumulation, distribution, and circulation of financial resources on the basis of financial stability, inclusion, cybersecurity, and the spread of cutting-edge technology to promote the recovery of Ukraine's economy and support the well-being of its people.
Regulators of the Ukrainian financial sector and the DGF presented the Strategy on 29 August. The Strategy has been developed within the framework of the Financial Stability Council since May 2023. The Strategy was approved by regulations of institutions that developed it, in line with the established procedure. At the NBU, the Strategy was approved by NBU Board Decision No.299 dated 29 August 2023.
The Strategy is based on and takes account of relevant measures of the Strategy of Ukrainian Financial Sector Development until 2025 (terminated in 2023). The results of the latter can be found by going to the link.
The NBU is open to discussions and continues to gather proposals for the next revision of the Strategy at its e-mail address: [email protected]
The Strategy aims to implement five strategic goals: macroeconomic stability, financial stability, the financial system operates for the country’s recovery, modern financial services, and the institutional capacity of regulators and the DGF.
The Working Group on Financial Development under the Financial Stability Council is the monitoring and controlling body for the Strategy implementation. Deputy heads of the financial sector regulators and the DGF participate in the Committee. The unified center for monitoring and control over the implementation of the Strategy allows coordinating the activity of members, determining joint areas of implementation of projects, and applying a transparent decision-making mechanism and uniform standards of project management.
The Financial Stability Council resolved at its 13 December 2019 meeting to establish a The Working Group on Financial Development (the Committee) under the Financial Stability Council. The functions and composition of the Committee were updated in accordance with the decision of the Council in May 2023.
The main tasks of the Committee are the following:
A communication platform was established at the Committee. It involves participation of the market representatives and field experts.
Meetings of the Committee and the communication platform are held as needed.