The National Bank of Ukraine published its tenth report on the activities of the Financial Stability Council (FSC) covering August 2024 to August 2025, setting out the council’s key decisions and its assessment of systemic risks during Russia’s full-scale war against Ukraine. The FSC’s agenda over the period centred on measures set out in the economic and financial policy memorandums agreed between Ukraine and the International Monetary Fund. Over the reporting period, the FSC approved the Mortgage Lending Development Strategy and an updated Strategy of Ukrainian Financial Sector Development, which were published in July and August, respectively. It also approved an action plan to implement the target model for Ukraine’s capital market infrastructure to accelerate integration into international financial markets, and supported reducing the state’s share in the banking sector through a balanced approach to selling state-owned banks aimed at increasing the value of the banks’ shares. The report identifies the protracted war as the dominant risk to financial stability, complicating economic recovery and creating challenges for public finances, while noting that international partner support and business adaptation have helped the economy gradually recover and the financial sector remain resilient.

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