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NBU and BoE Governors Discuss the Response to Coronacrisis

NBU and BoE Governors Discuss the Response to Coronacrisis

On 15 July 2021, Kyrylo Shevchenko, Governor of the National Bank of Ukraine (NBU) and his deputy, Oleksii Shaban, attended a meeting with Andrew Bailey, Governor of the Bank of England (BoE).

The parties discussed implications of the coronacrisis for the economic conditions in Ukraine and the United Kingdom (UK), as well as responses to Covid-19-related challenges.

The Governors of the central banks also talked about the benefits of long-term cooperation between the two institutions in different areas.

“The NBU appreciates its long-standing relationship with the Bank of England in the area of technical and expert assistance. Participants and speakers from the BoE regularly attend events to share expertise hosted by the NBU. I hope to continue this tradition,” said Kyrylo Shevchenko.

The NBU Governor added that considering the major progress made by the UK in developing digital currencies, the NBU would appreciate any cooperation or expertise sharing with the BoE on the issue.

The Governors discussed main developments of financial sector digitalization. NBU strategic goals include creating a sustainable fintech environment in Ukraine, improving digital and financial literacy, developing and introducing a regulatory sandbox for prompt testing of innovation projects.

 “Digitalization of the financial sector and fintech development are strategic directions for the NBU. Our initiatives are intended for the development of the payment infrastructure, improvement of the regulation quality and the quality of decision-making on cash circulation and payments,” noted Kyrylo Shevchenko.

The parties agreed to continue interaction to share more experience in these areas, as well as cooperation within technical assistance projects implemented by international organizations and associations.

Please note that BoE experts are regularly engaged in technical missions of international organizations that implement projects in Ukraine, and at the NBU in particular. Furthermore, the UK Government by means of Good Governance Fund supports projects and initiatives for sharing experience of the BoE in the areas of interest for the NBU.

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