Mr Vladyslav Rashkovan, Director of Department for Banking System Strategy and Reform of the National Bank of Ukraine has said that the Development Strategy for the Ukrainian banking sector for the period up to 2020 will be based on the analysis of the global financial, regulatory and technology trends. The surveillance and short-term monitoring framework will be developed to ensure that the goals set out in the Strategy are met, which will lay the foundation for putting this instrument into practice.

According to him, the Strategy will contain mechanisms allowing the National Bank of Ukraine to implement an independent monetary policy and foreign exchange policy, and provisions ensuring the smooth operation of the banking system, as well as the core principles for effective banking supervision.

“Guided by the principles of transparency and openness in our activities, next week we will invite banks to discuss this Strategy," said Mr Vladyslav Rashkovan.

When devising this Strategy, the National Bank of Ukraine will pay special attention to a revival of lending since a lack of lending in different sectors of the economy plunges the economy into financial recession. It is impossible to consider this task without tackling the problem of non-performing loans on the banks' balance sheets and improving the scheme designed to protect creditors. These issues will also be covered by the short-term tasks set forth in the Strategy.