International Technical Cooperation is a part of the NBU’s international relations. The NBU attracts international technical assistance in the form of expertise, consultations, research, intellectual property rights, and shares its own experience and expertise from the most successful implemented projects of the NBU’s internal transformation and from reforming the financial system of Ukraine.
The aim of international technical cooperation is to support the efficient fulfilment of the regulator’s functions and to strengthen its institutional capacities, to introduce up-to-date technologies and the best world standards, and to enhance the NBU’s reputation in the global community..
Attracting International Technical Assistance
International technical assistance means resources and services provided free of charge to the NBU by its international partners for the efficient performance of the regulator’s functions, the introduction of advanced international standards, and the strengthening of institutional capacities. We receive international technical assistance in the form of consultations, work of experts during meetings and missions, intellectual property products and rights, etc.
International technical assistance is allocated to improve monetary policy, regulation and supervision over banks and nonbank financial institutions, to ensure the stability of the financial system, to improve the level of citizens’ financial inclusion, to protect consumer and investor rights in financial services, to bring the accounting of financial sector participants in line with the international standards, to develop payment and settlement transaction infrastructure, and to develop digital technologies in finance.
In order to direct international technical assistance to the most relevant needs of the NBU, we are supporting a continuous dialogue with our international partners. The key partners, who have provided aid to Ukraine and the NBU for many years, are the International Monetary Fund, the World Bank Group, the European Union, the European Bank for Reconstruction and Development, the U.S. Agency For International Development (USAID), and the central banks and financial market regulators of other countries..
We hold joint meetings with our international partners at least once a year, and we discuss relevant issues and results of the international assistance aid by the NBU. The latest such meeting was held in November 2020, at which the NBU presented its products made using the obtained technical assistance. The parties have also jointly defined their cooperation priorities for the next year. The next meeting is planned in an online format for November 2021.
In addition, we are taking active part in the work of three-tier system of international technical assistance coordination in Ukraine, which is active at the national level and supported by the Secretariat of the Cabinet of Ministers of Ukraine.
Projects of International Technical Assistance:
- Project On Building the Institutional Capacity of the National Bank of Ukraine.
- Financial Sector Transformation in Ukraine (FST) project.
- Credit for Agricultural Producers (CAP) project.
- Strengthening the Regulation and Supervision of the Non-Bank Financial Market (EU-FINREG) project.
- EU Project: Introduction of EU Practices on Accounting, Financial Reporting and Audit in Ukraine (EU-FAAR Project).
- Twinning Project: Strengthening the institutional and regulatory capacity of the National Bank of Ukraine to implement the EU-Ukraine Association Agreement.
- Bilateral Assistance and Capacity Development for Central Banks (BCC) program.
- Financial Inclusion for Economic Growth in Ukraine program.
- Project: Model Structure for the Assessment of Banking Activities and Capital Market Stability.
- Program for the Implementation of the Administrative Base of Law on Financial Restructuring project.
- Financial Sector Reform in Ukraine project.
NBU’s Exchange and Sharing Experience (International Technical and Expert Cooperation)
In recent years, the NBU underwent a significant internal transformation and implemented reforms in the financial sector. The leading international institutions, central banks and regulators of other countries, as well as international financial system players, have recognized our achievements. In particular, the National Bank of Ukraine has for the first time in its history won the prestigious international Central Banking Award in the Transparency category from the Central Banking Journal, a specialized publication that covers the operation of central banks and financial regulators. Also, in October 2019 the Governor of the National Bank of Ukraine was recognized as the top central banker in Central and Eastern Europe by the GlobalMarkets international newspaper for pursuing a consistent monetary policy in a year of considerable political changes in the country.
This has drawn even more attention from the international community towards the NBU. More central banks and regulators of other countries began to address the NBU with requests to share its experience.
Therefore, the exchange and sharing of experience (international technical and expert cooperation) is a relatively new area of international technical cooperation for the NBU.
Since 2017, the NBU has developed into an international platform for exchanging experience and practices among participants in the global financial community. We hold international conferences, meetings, roundtables, bilateral expert meetings and events, and we share our achievements in the establishment and work of an independent regulator. In addition, the NBU’s representatives regularly receive proposals to make speeches at various international events, held both in Ukraine and abroad, and to engage in technical assistance missions of international financial institutions as experts. The number of these requests grows annually.
Our partners are interested in the NBU’s experience regarding the implementation of monetary policy, cash circulation management, the building of communications, the introduction of accounting standards, and so on.
International Events on Exchanging Experience To Be Held Under the NBU’s Initiative for 2021:
- Use of Big Data for Macroeconomic Analysis: From Collection to Visualization practical session, February 23-24
- IFRS at Central Banks: Openness, Transparency, Accountability fourth international roundtable, International conference (open event) Central Bank Digital Currencies: New Horizons of Use, May-June
- International roundtable Practical Experience of Risk-Oriented Supervision Introduction Under SREP Methodology, September
- International conference Business Surveying by Central Banks ninth annual conference, September 16-17
- Forum (open event) Third annual forum on Financial Inclusion, September
- International roundtable Strategic Development and Change Management, October 7-8
- International conference (open event) Central Bank Digital Currencies: New Horizons of Use, October
- International roundtable Role of HR in Implementation of Bank Strategy, October
- Practical session Inflation Targeting in Developing Countries, November
- International roundtable Specifics of a Central Bank Building International Relations with Its External Partners, November
- International roundtable Ensuring Transparency of Financial Service Market Participants, December.