The National Bank of Ukraine, the National Securities and Stock Market Commission, the Deposit Guarantee Fund, the Ministry of Finance of Ukraine, and the Ministry of Economy of Ukraine have approved the revised Strategy of Ukrainian Financial Sector Development (hereinafter referred to as the “Strategy”).
The persisting high level of uncertainty due to the prolonged full-scale war requires revision of the joint strategic priorities for effectively responding to new challenges and possible scenarios. The implementation of the revised Strategy will improve effectiveness and coordination of the actions of financial market regulators for strengthening macroeconomic and financial stability, raising investment, and continuing integration of Ukraine into the European Union.
The revised strategy is also prescribed in the Ukraine-IMF Memorandum of Economic and Financial Policies.
“The revised Strategy will allow us not only to adjust to current challenges but also to create a foundation for sustainable economic growth, private investment, and European integration. The integration of Ukraine’s financial sector into the legal and institutional framework of the EU will create new opportunities to effectively develop capital markets, strengthen investor confidence, and improve regulatory standards. At present, the regulatory equivalence of the banking sector in Ukraine to EU standards is 77%, and by 2027, the NBU intends to achieve one hundred percent equivalence,” said Andriy Pyshnyy, NBU Governor.
What were the changes?
Main amendments to the revised Strategy are regarding the following:
Expanding measures for macroeconomic and financial stability: New initiatives were introduced concerning the legal regulation of operations of the Business Development Fund, reform of the state social insurance system, as well as enhancement of the resilience of critical infrastructure and the Deposit Guarantee Fund’s and the financial sector’s digital operational resilience. These steps are aimed at ensuring the reliability and effectiveness of the financial system.
Upgrading capital markets: the measures for the development of capital market infrastructure have been revised. This includes aligning the target operating model of capital markets with stakeholders, consolidating accounting infrastructure, and actively engaging foreign investors. The purpose of these changes is to reform the market to make the most of opportunities for raising private investment.
Expanding European integration: Target III “Financial system operates for the country’s recovery and is integrating into the EU” was expanded and a new initiative “European integration of the financial sector” was added. Cooperating more deeply with EU institutions, implementing program documents, actively participating in the negotiation process, and implementing EU laws are expected taking into account the recommendations of the European Commission based on the screening findings. These revisions reflect the strategic course towards the comprehensive development and integration of the Ukrainian financial sector into the European environment.
In order to effectively respond to current challenges, the revised Strategy also contains a short list of key indicators that are important in the short run. During the revision of the Strategy, five indicators were also clarified and four new ones were added that relate to the expansion of access to remote financial and state (public) services through the NBU BankID System, legal regulation of investment fund operations, improvement of the voluntary funded pension system, and expansion of the link with a foreign depository to include reconstruction and recovery instruments. Additionally, this document revises the description of the current state of Ukraine’s financial sector and its specific prospects.
Development and revision of the Strategy are a part of operations of the Committee on Financial Development at the Financial Stability Council. Thus, the Strategy was approved by the Financial Stability Council in July 2023 and released to the public in August 2023.
On 13 May 2025, the Financial Stability Council approved the revised list of the Strategy measures, and on 26 June 2025, the revised Strategy.
The revised Strategy was approved by regulations of its developer institutions, including by NBU Board Decision No. 264 dated 31 July 2025.
As of the end of 2024, 87% of the Strategy actions have been completed according to the schedule (a detailed report is available for review here).