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 a revised Strategy of Ukrainian Financial Sector Development, updating joint priorities in light of heightened uncertainty from the ongoing full-scale war. The revision is intended to strengthen macroeconomic and financial stability, support private investment, and continue integration of Ukraine’s financial system into the European Union, and is referenced in the Ukraine–IMF Memorandum of Economic and Financial Policies. Key changes expand the stability agenda through initiatives on the legal regulation of the Business Development Fund’s operations, reform of the state social insurance system, and stronger resilience of critical infrastructure, the Deposit Guarantee Fund, and the sector’s digital operational resilience. Measures to upgrade capital markets were revised to align the target operating model with stakeholders, consolidate accounting infrastructure, and more actively engage foreign investors. On European integration, Target III was expanded and a new “European integration of the financial sector” initiative added, covering deeper cooperation with EU institutions, participation in negotiations, and implementation of EU laws reflecting European Commission screening recommendations; the NBU Governor noted banking-sector regulatory equivalence with EU standards at 77%, with an intention to reach 100% by 2027. The revised Strategy also introduces a shorter set of key short-run indicators, clarifying five indicators and adding four new ones covering expanded access to remote financial and public services via the NBU BankID System, legal regulation of investment fund operations, improvements to the voluntary funded pension system, and an expanded link with a foreign depository to include reconstruction and recovery instruments. The Financial Stability Council approved the revised list of measures on 13 May 2025 and the revised Strategy on 26 June 2025; as of end-2024, 87% of Strategy actions were reported as completed according to schedule.
National Bank of Ukraine 2025-08-11
National Bank of Ukraine and partner agencies approve revised financial sector development strategy to bolster stability and advance EU integration
The National Bank of Ukraine and key financial authorities have approved a revised Strategy of Ukrainian Financial Sector Development, addressing priorities amid the ongoing war. It aims to enhance macroeconomic stability, support private investment, and integrate Ukraine's financial system with the EU. Updates include legal reforms, infrastructure resilience, capital market upgrades, and expanded European integration initiatives, aiming for full regulatory equivalence with EU standards by 2027.