On 1 October 2020, the National Bank of Ukraine (NBU) launched a joint project with Narodowy Bank Polski and Bank of Lithuania. The Twinning project is entitled Strengthening the NBU’s Institutional and Regulatory Capacity to Implement the EU-Ukraine Association Agreement.
The project is funded by the EU. The project’s budget amounts to EUR 1 million. The project’s duration is 21 months.
The central banks of Poland and Lithuania will provide support to the NBU in a number of areas. Those include:
- developing approaches to banking supervision in the framework of the SREP (Supervisory Review and Evaluation Process)
- implementing an instant payment system
- improving strategic planning and process management in a central bank
- improving the European integration and international cooperation process of a central bank.
Twinning is one of the EU’s institutional capacity building instruments. Its concept is based on cooperation and experience exchange between the state authorities of Ukraine and similar institutions of the EU member states. The projects are focused on public administration and harmonization of national laws with EU standards.
The NBU has already participated in a Twinning project earlier. In 2009–2011, the project Strengthening the NBU’s Potential through Harmonization with EU Central Banking Standards was implemented successfully.