In a speech to the OECD Friends of Ukraine Meeting during OECD Financial Markets Week, National Bank of Ukraine (NBU) Governor Andriy Pyshnyy set out how the central bank has sought to preserve monetary and financial stability under full-scale war, combining early emergency controls with a phased restoration of standard policy and supervisory settings. He described the 2022 crisis response as fixing the exchange rate and imposing strict capital controls, temporarily easing regulatory and operational requirements for banks, introducing additional liquidity support, decentralising strategic cash reserves to maintain cash supply, and promoting cashless payments. Pyshnyy said the NBU later moved to unwind crisis measures, citing steps since 2023 including a shift from a fixed exchange rate to managed flexibility, a return to inflation targeting, significant easing of currency restrictions, restoration and strengthening of bank regulatory requirements in line with European Union standards, and restoration of the domestic debt market to enable an end to monetary financing of the budget. He also highlighted the use of transparency, strategic planning (including updated NBU and financial sector strategies and wartime strategies covering foreign exchange liberalisation, exchange rate flexibility, and lending and mortgage development), inter-agency coordination via the Financial Stability Council and cooperation with the Ministry of Finance, engagement with international partners, and operational continuity initiatives such as the POWER BANKING project to keep banking services running during blackouts. Looking ahead, the Governor framed priorities as accelerating reforms focused on European integration of the financial sector, strengthening corporate governance, preparing the financial system for post-war recovery, and sharing Ukraine’s crisis-management experience with partners.
National Bank of Ukraine 2026-03-11
National Bank of Ukraine Governor Pyshnyy outlines wartime stabilisation toolkit and return-to-normal monetary framework
National Bank of Ukraine Governor Andriy Pyshnyy detailed efforts to maintain stability during the war, starting with emergency controls and moving to standard policies. Measures included fixing the exchange rate, capital controls, and easing bank regulations, then shifting to managed exchange rate flexibility, inflation targeting, and EU standards alignment. Future priorities are European financial integration, corporate governance enhancement, and post-war recovery preparation.