Representatives for banks throughout Ukraine pledged their support for banking reforms in the country at an initiative forum in Brussels, the International Monetary Fund (IMF) said Monday.

The group of financial institutions welcomed the swift actions taken by government authorities and by the National Bank of Ukraine (NBU). In this second discussion of the Vienna Initiative Forum, participants discussed the challenges that face the country and the banking sector in general. One big issue on the table was the volatile market of foreign exchange rates and how those affect assets and capital in the banks. Also, the political tensions in Ukraine and Crimea were heavily discussed.

The participants were made up of government officials, NBU officials, and representatives from commercial interests and shareholders.

“Despite the challenging macroeconomic situation, the NBU management team is committed to the reform program developed as part of the 2020 banking strategy and IMF-supported program discussed during the June and present Vienna Initiative Forums. The NBU is currently running a comprehensive financial market reform program, in particular, a package of measures aimed at improving current corporate governance in banks and strengthening the protection of creditors' rights," NBU Deputy Governor Oleksandr Pysaruk said.

It was determined that there is agreement among bankers, government officials and private citizens in Ukraine that a stable banking sector is necessary in the current cauldron of geopolitical tensions.