The NBU has published the tenth Report on Activities of the Financial Stability Council (FSC) for the period from August 2024 to August 2025.
The FSC’s key decisions over the specified period centered on the measures set forth in memorandums of economic and financial policies signed by Ukraine and the International Monetary Fund based on review results. In particular, the FSC:
- approved the Mortgage Lending Development Strategy and the updated Strategy of Ukrainian Financial Sector Development, which were published in July and August, respectively
- approved the action plan for the practical implementation of the target model for Ukraine’s capital market infrastructure to accelerate integration into international financial markets
- supported the reduction of the state’s share in the banking sector through a balanced approach to the sale of state-owned banks aimed at increasing the value of the banks’ stocks.
At each meeting, the FSC looked closely at current systemic risks and their potential impact on the financial sector and the economy as a whole.
The protracted full-scale war remains the dominant risk to the financial sector, significantly complicating the dynamics of economic recovery and creating significant challenges for public finances. However, the support from international partners and businesses’ adaptation to the extreme conditions of the war enabled the Ukrainian economy to gradually recover and the financial sector to remain resilient.
The FSC was established by a presidential decree in March 2015. It is an interagency body and a platform for professional discussions on financial stability.
In the reporting period, the FSC was composed of: NBU Governor Andriy Pyshnyy and Minister of Finance of Ukraine Serhii Marchenko (co-chairs of the Council), Managing Director of the Deposit Guarantee Fund Olha Bilai, Head of the National Securities and Stock Market Commission Ruslan Mahomedov, First Vice Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko (up to 17 July 2025), Minister of Economy, Environment and Agriculture of Ukraine Oleksii Sobolev (since 8 August 2025), NBU First Deputy Governor Kateryna Rozhkova (up to 15 August 2025), NBU Deputy Governor Dmytro Oliinyk, Deputy Minister of Finance of Ukraine for European Integration Yurii Drahanchuk, and Deputy Head of the Office of the President of Ukraine Iryna Mudra (since 27 March 2025).
The FSC identifies systemic risks and threats to financial stability and develops recommendations in order to minimize their impact on the financial system.