Purpose. To support the National Bank in implementing comprehensive financial sector reform programmes and to strengthen its capacity to develop and implement monetary policy, as well as to communicate it properly and transparently. To promote financial stability.
This project is one of the most comprehensive projects covering almost all of the National Bank’s activities. The technical support and assistance received has significantly contributed to the development and implementation of new practices in the National Bank’s activities to develop and support the Ukrainian economy and the Ukrainian banking system. In particular, the project’s efforts are aimed at:
- implementation of new banking supervision and oversight;
- transformation of the National Bank and development of strategic planning;
- implementation of inflation targeting;
- dedollarisation of the Ukrainian economy;
- implementation of a modern communication policy;
- development and implementation of monetary policy and open market transactions;
- implementation of IFRS;
- maintenance of financial stability;
- strategic planning processes and the development of financial market infrastructure in Ukraine, as well as support for the Annual Research Conferences.
Products for the National Bank and the most significant events:
- consultations and assistance were provided on the transformation of the National Bank and the development of strategic planning;
- financial and expert support was provided for the National Bank’s annual scientific conferences, international roundtables on the implementation of IFRS in central banks, and the international conference “Digital Currencies of Central Banks: New Opportunities for Payments”;
- expert consultations were provided on the concept of risk-based supervision (SREP), methodological issues of implementing SREP in the supervisory process, and the reorganisation of banking supervision, including the adoption of an Action Plan for the reorganisation of banking supervision based on the results of the IMF’s online mission (January 2021-January 2022), and cooperation is ongoing;
- oversight functions were introduced for critical elements of financial market infrastructure;
- a methodological framework for assessing compliance with the PFMI (Principles for Financial Market Infrastructure) was developed and expert support was provided to prepare and carry out assessments of such critical financial market infrastructure elements as the National Depository of Ukraine and the Central Counterparty.