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Thursday, August 17, 2017

Ukraine to form coordinating banking committee

Following the recommendation of the International Monetary Fund (IMF,) the National Bank of Ukraine (NBU) and the Ministry of Finance have established a coordinating committee, the bank said on Wednesday.

In light of the current financial crisis in the Ukraine, Ukrainian officials, representatives from banks throughout the country and IMF representatives have been discussing monetary and fiscal policies, as well as public debt management. In previous meetings, NBU representatives backed policy changes that aim to help the country's top officials manage the crisis.

The new coordinating committee will include the governor of the NBU, the head of the NBU's monetary policy department, the minister of finance for Ukraine and the head of the debt management unit for the Ministry of Finance.

"Only close fruitful cooperation and collective responsibility of the government and the National Bank of Ukraine will contribute to the stabilization of the exchange rate and facilitate the improvement of money market conditions," Valeriia Gontareva, governor of the NBU, said.

The financial crisis has been exacerbated by geopolitical turmoil in 2014.

Organizations in this story

International Monetary Fund 700 19th Street, N.W., Washington, D.C. - 20431

National Bank of Ukraine 9 Instytutska St., Kyiv 01601

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