The National Bank of Ukraine has set up a Department for Banking System Strategy and Reform. The purpose of establishing a new department is to improve strategic planning of National Bank of Ukraine's activities, develop and reform the country's banking system, and make the management and control over the implementation of NBU strategic projects more efficient.

The main functions of the newly established department include the development and oversight of the implementation of strategic development plans of the National Bank and the banking system, the monitoring of regulator's projects and ensuring communication with banks, banking associations, and cooperation with international institutions.

Mr Vladyslav Rashkovan, who has been working for one of the leading international institutions for the past 8 years, has held the position of Financial Director for 4 years and co-chaired the Banking and Financial Services Committee of the American Chamber of Commerce, has been appointed as Director of Department for Banking System Strategy and Reform. From April 8, 2014 Mr Vladyslav Rashkovan has joined the National Bank of Ukraine Board, becoming the Board member ex officio.

"The Ukrainian banking system has lacked a clear-cut strategy to steer it on the development path, which needs to be changed, especially given the rapid process of globalization of financial markets, the emergence of new financial instruments and technologies, the growing number of non-bank market players and a shift in the behavior, experience and expectations of banks' customers," said Mr Vladyslav Rashkovan.

According to him, with due account for proposals put forward by representatives of the banking community, the National Bank of Ukraine should determine the future direction of the banking system and be guided by it in its law-making process.

"We have embarked on the Development Strategy for the Financial Sector for the period up to 2020, which will become the backbone of the banking sector reforms in Ukraine," he concluded.