On June 19, 2015, Governor of the National Bank of Ukraine Valeria Gontareva spoke via video message to the foreign investors participating in the Ukrainian Investment Day conference, which was organized in in New York by the Ukrainian investment company Concorde Capital.

During her 10-minute speech, Valeria Gontareva touched on the situation in the Ukrainian banking sector and recalled that the first phase of the banking sector reform would be completed this month and most banks that needed additional capitalization to enhance financial stability had already taken steps in this regard.

The second phase of the banking sector reform was launched simultaneously with the substantial strengthening of the banking legislation, inter alia, by imposing greater liability on the bank owners and top managers in case of bankruptcy of their financial institutions. “We have put an end to the epoch of the “oligarchic banking,” she said.

Valeria Gontareva pointed out that the self-reform of the regulator was another achievement by the National Bank of Ukraine. “We are laying off and repurposing the staff, disposing of the non-core institutions and 25 regional offices,” she said.

The Governor of the National Bank briefed the investors about the current complex economic situation in Ukraine, though noted that she feels optimistic about the future, believing that the third phase of the banking sector reform aimed to drive the banking sector's strong growth, which hinges on the economic growth would be launched as early as in a year's time. At the same time, the first signs of the banking system's recovery are already visible: since April, domestic currency deposits have been actively returning to the banking system.

Valeria Gontareva, replying to questions put by the investors, said that the National Bank of Ukraine was making preparations to adopt an inflation targeting regime, and, therefore, a return to the pegged exchange rate regime is out of the question. With regard to the international reserves, according to the IMF program, they will have reached $18 billion by the end of 2015.  (In February 2015, the international reserves barely stood at $ 5 billion). “It is a real achievement that since the beginning of the year we have managed to accumulate net international reserves by purchasing foreign exchange worth $1 billion in the market and continue buying foreign exchange to build foreign exchange reserves. The balance of payments current account is more or less sustainable,” she said.

At the conclusion of her speech, Valeria Gontareva thanked representatives of the international investment community that they continue to believe in Ukraine and its potential despite aggression from Russia.