The National Bank of Ukraine (NBU) together with the signatories of the Memorandum of Understanding and Cooperation on Drafting and Implementing the Strategy of Ukrainian Financial Sector Development until 2025 invite financial market players, experts and international partners of Ukraine to join the discussion of main directions of the Strategy.
The goal of the Strategy is to ensure further reforming and developing Ukraine’s financial sector applying the best international practices and implement the actions envisaged by the EU-Ukraine Association Agreement and other international commitments of Ukraine.
For drafting the Strategy an interagency group – made of representatives from the NBU, the Secretariat of the Cabinet of Ministers of Ukraine, the Ministry of Finance of Ukraine, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Commission for the State Regulation of Financial Services Markets – has defined the following priorities of the financial sector development:
- strengthening financial stability
- promoting macroeconomic development and economic growth
- deepening financial markets
- advancing financial inclusion
- introducing innovations in the financial sector.
At present for each of the mentioned areas strategic goals are being determined for the financial market regulators, as well as quantitative and qualitative performance indicators. Engaging financial market players and experts in the discussion will foster drafting the best Strategy that will create foundation for sustainable and inclusive economic growth of Ukraine and improve the welfare of all.
“After a difficult path of reforming the banking sector in 2014–2019 and creating conditions for moving towards sustainable growth in the financial sector, alongside with other regulators the NBU puts its efforts to elaborate a new strategic document for the upcoming five years. Joined by other regulators the NBU strives to be transparent and clear for all stakeholders and today starts an open dialogue on the future of the financial sector,” stressed Yakiv Smolii, NBU Governor.
“Over 200 representatives of different public institutions joined forces to create the Strategy. We formed five teams, and each prepared solutions and KPIs for the targets. Today, together we are ready to start a public dialogue to consolidate proposals and preliminary work. The NBU has a page dedicated to the Strategy 2025, which for the time of the discussion will become a communication channel with experts and a platform for interaction regarding the Strategy,” said Serhii Karpenko, Director of Strategy and Reforming Department.
In particular, starting from today, suggestions and comments will be collected regarding the vision of the future financial sector of Ukraine in 2025, the goals of the Strategy, performance indicators, as well as necessary actions for achieving said goals. Suggestions will be harvested and reviewed through the webpage of the Strategy on NBU official website to 30 September inclusive.
Also, until the end of September a series of round tables will be held bringing together experts, financial market players, representatives of the IT sector and international organizations, as well as public authorities of Ukraine.
The strategic document is expected to be drafted after collecting and reviewing all suggestions and the Strategy is to be approved until the end of this year.
In May 2019, the financial market regulators signed the Memorandum for the joint drafting of the five-year strategy of financial sector development. In order to achieve this goal an interagency task force was set up. Heads of the regulators have approved the appointment of the reform steering committee that will monitor project performance of the respective agencies set out in the Strategy. Furthermore, the financial regulators agreed to hold joint actions to create awareness and inform the public on the reform progress.