The National Bank of Ukraine has updated its institutional Strategy for the second time since Russia’s full-scale invasion, revising priorities and indicators to support its wartime mandate and the country’s recovery. The refresh adds 11 new indicators and clarifies six existing ones, while the roadmap gains 17 new measures and updates or transforms a further 45 measures. Across the Strategy’s goals, the National Bank of Ukraine set more ambitious objectives for price stability, inflation expectations and exchange rate sustainability under “Sustainable Hryvnia”. New “Financial Stability” measures include strengthening business continuity for financial sector participants, improving bank risk management requirements, identifying and responding to ties with the aggressor state in ownership structures, creating registers related to “drops” and miscoding to counter evolving schemes, and improving resilience of critical financial infrastructure. The third goal was renamed to “Financial System Operates for the Country’s Recovery and Is Integrating into the EU” and expanded to cover integration into the EU financial services market, development and implementation of an ESG policy for the financial sector, ongoing corporate governance compliance using a risk-based approach, and financial inclusion initiatives including for war veterans, alongside lending and financial literacy initiatives aligned with interagency strategies through 2030. Under “Modern Financial Services”, priorities include tighter oversight of cyber resilience, information security and digital operational resilience with reference to the EU’s Digital Operational Resilience Act, an expanded perimeter for virtual asset regulation and supervision, and specified measures for cash circulation development, with additional indicators covering cloud services regulation and restricting use of software from suppliers associated with the aggressor country. Under “Effective Central Bank”, the National Bank of Ukraine broadened continuity and transformation measures, including security systems as a critical infrastructure operator, development of a state sectoral archive, phased implementation of the National Bank of Ukraine’s ESG policy, streamlined change management, a digital transformation strategy and work on artificial intelligence use cases, and human capital measures including corporate culture and veteran reintegration. The Strategy, branded “Financial Fortress”, was first unveiled in May 2023 and was previously updated in January 2024, with the National Bank of Ukraine positioning it as a flexible document that is periodically revised as conditions evolve.

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