Components:
- monetary, exchange rate, and financial sector policies
- reforms in law, governance, and anti-corruption (AML/CFT, insolvency resolution, central banking issues, financial and fiscal law)
- statistics and macroeconomic mechanisms
- improving macroeconomic forecasting and the foundations of policy analysis.
Products implemented for the NBU, and key events:
Financial Monitoring pillar:
- Two AML/CFT oversight missions were conducted.
Banking Supervision pillar:
- A diagnostic mission was conducted to develop risk-based supervision.
- Work with a short-term expert began.
CBDC pillar:
- The experience of the central banks of Canada, Sweden, and Peru in researching the end users of CBDC services was presented.
- A roadmap was drawn up to conduct the survey and next steps within the E-Hryvnia project’s framework.
Virtual Assets pillar:
- A mission was conducted to develop an optimal model for legislative resolution of virtual-assets issuance and virtual-assets activities of service providers.
- Comments were made on the Draft Law of Ukraine On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Regulating the Circulation of Virtual Assets in Ukraine (registered under No. 10225).
Macroeconomic Forecasting pillar:
- Five missions were conducted to review the NBU’s Forecasting and Policy Analysis System (FPAS), including the Quarterly Projection Model (QPM). The updated version of the Quarterly Projection Model (QPM+) is being used to build a macroeconomic forecast for 2025–2028. Work is underway to model the components of GDP and the balance of payments within the framework of QPM+.
Market Operations pillar:
- A mission was conducted to develop FX risk hedging instruments.
- A mission was conducted to assess counterparties’ compliance with the criteria for monetary operations and the Emergency Liquidity Assistance (ELA) mechanism.