Official Announcements by the NBU (updated)
International Technical Partnership (ITP)
International technical partnership is a part of the NBU’s international relations. The NBU develops international technical partnership by receiving expertise, consultations, research, and intellectual property rights, and by sharing its own experience and expertise it obtained from the most successfully implemented projects related to the NBU’s internal transformation and to reforming the financial system of Ukraine.
The aim of international technical partnership is to support the effective performance of the regulator’s functions, strengthen its institutional capacity, introduce cutting-edge technologies and best world standards, and promote the NBU’s image in the global community.
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І. Implementing international technical cooperation
International technical cooperation involves experience and expert knowledge shared by international development partners to reach the highest standards of the NBU’s institutional capacity, as well as the international technical assistance for the NBU, including resources and services provided to the NBU on a free-of-charge or non-repayable basis by international development partners in line with the applicable international agreements that were declared binding by the parliament of Ukraine and prescribed by Ukrainian laws. The NBU receives international technical assistance in the form of consultations, experts’ participation in meetings and missions, intellectual property products and rights, and so on.
International technical cooperation aims to improve monetary policy and to regulate and supervise banks and nonbank financial institutions; to safeguard the stability of the financial system; to raise households’ financial inclusion; to protect the rights of financial services consumers and investors; to bring the reporting of financial sector participants into line with international standards; to develop payment and settlement infrastructure; to develop digital technologies in finance; to promote sustainable finance and build a green economy, and more.
The NBU is constantly engaged in dialogue with its international development partners to make sure that measures taken under international technical cooperation address the most urgent needs. The key partners which have been helping 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 central banks and financial market regulators of other countries.
The NBU holds regular joint meetings with its international development partners to discuss relevant issues and the results of the central bank’s use of international technical assistance at the end of each year. For example, in December 2021, the NBU prepared and shared a presentation of the products it developed thanks to measures taken under international technical cooperation, and outlined its cooperation priorities for 2022.
The NBU is also actively involved in the nationwide three-tier system of coordinating international technical assistance to Ukraine, which is supported by the Secretariat of the Cabinet of Ministers of Ukraine.
International Technical Assistance Projects:
- USAID’s Credit for Agriculture Producers (CAP) Project in Ukraine (CAP project)
- Strengthening the Regulation and Supervision of the Nonbank Financial Market (EU-FINREG)
- Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine (EU-FAAR Project)
- Program for the Implementation of the Administrative Base of the Law on Financial Restructuring
- Strengthening the NBU's Institutional and Regulatory Capacity to Implement the EU-Ukraine Association Agreement (Twinning)
Projects/Programs Involving Experience and Expert Knowledge of International Development Partners:
- Building the Institutional Capacity of the National Bank of Ukraine
- Program of Bilateral Assistance and Capacity Development for Central Banks
- Alignment of Ukraine’s Regulatory Framework and Supervisory Practices with EU Prudential Standards in the Banking Sector
- Support for the Alignment of Ukraine’s Framework for Confidentiality and Professional Secrecy with EU Standards
- Financial Inclusion for Economic Growth in Ukraine
ІІ. Experience Exchange and Sharing by the NBU (International Technical and Expert Cooperation)
In recent years, the NBU has undergone a significant internal transformation and implemented financial sector reforms. Leading international institutions, central banks, other financial sector regulators, and international financial system players recognized the NBU’s achievements. In particular, the NBU, for the first time, 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. What is more, the Ukrainian coin called the Frontline issued by the NBU Banknote Printing and Minting Works was awarded a prize in the Most Inspirational Coin category at the 2022 Coin of the Year international competition, which is held by World Coin News, a respectable numismatic publication, and sponsored by The Journal of East Asian Numismatics.
Since 2017, the NBU has been an international platform for exchanging practical experience among global financial community participants. The NBU holds international conferences, meetings, roundtables, bilateral expert meetings and events, sharing its achievements and expertise related to its establishment and functioning as an independent regulator.
In 2021, seven international events to exchange experience were conducted at the NBU’s initiative. These were:
- the practical session Use of Big Data for Macroeconomic Analysis: From Collection to Visualization
- the 6th annual research conference Policy Toolkit for a World in Flux conducted by the central banks of Ukraine and Poland
- the 9th Annual Conference on Business Surveys by Central Banks
- the international round table Practical Experience of Introducing Risk-Based Supervision under SREP Methodology
- the international round table Strategic Development and Change Management
- the practical session Inflation Targeting in Emerging Markets
- the international round table Specifics of a Central Bank’s Building International Relations with Its External Partners.
These events drew even more attention from the international community to the NBU. Increasingly more central banks and banking and financial market regulators are asking the NBU to share its experience.
In addition, NBU representatives are regularly invited to take part in various international events, held both in Ukraine and abroad, and to engage as experts in technical assistance missions conducted by international financial institutions. The number of these invitations grows every year.
The NBU’s partners are interested in the central bank’s experience in implementing monetary policy, managing cash circulation, building communications, introducing accounting standards, establishing international relations, and so on.
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