NBU Governor Kyrylo Shevchenko took part in the annual international event, Ukraine Reform Conference, held this year in Vilnius on 7–8 July. The purpose of the Conference was to evaluate the annual progress of reforms and discuss further priority actions to sustain economic growth in Ukraine.
Kyrylo Shevchenko, together with Oleksiy Liubchenko, First Deputy Prime Minister of Ukraine, Herman Halushchenko, Herman Halushchenko, Minister of Energy of Ukraine, Roman Abramovskyi, Minister of Environmental Protection and Natural Resources of Ukraine, Arup Banerji, World Bank Regional Country Director for Eastern Europe, Matteo Patrone, Director for Eastern Europe and the Caucasus, and Dmytro Lyvch, Advisоr to the Prime Minister of Ukraine, joined a panel discussion on the business and investment climate in Ukraine.
“The NBU has always been an initiator and active participant of economic transformations aimed at stimulating investment into our country. No doubt, high resilience shown by the reformed financial sector during the coronavirus crisis has a positive effect on the investment climate in the country, while high liquidity and capitalization maintained enable banks to expand lending, supporting the economic recovery,” - underlined Kyrylo Shevchenko in his speech.
Specifically, Kyrylo Shevchenko dwelt upon important tasks the NBU will focus on in the coming years. These include further harmonization of national banking legislation with EU law, qualitative and systemic update of the regulatory framework for nonbank financial institutions to create conditions for their effective operation, and refoming state-owned banks to make them attractive for investors.
“Our strategic goal is to reduce the state’s share in the banking sector to 25% by 2025. Definitely, it will help the Ukrainian banking system become more independent and the banks operate on competitive terms,” –said Kyrylo Shevchenko.
Panelists noted that the NBU remains an institution trusted by investors and international financial organizations.