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Monday, February 17, 2020

NBU develops strategy for banking sector

The National Bank of Ukraine said on Wednesday it will discuss the development strategy this week for the Ukrainian banking sector with members of the banking community.

Vladyslav Rashkovan, the director of the NBU's department for banking system strategy and reform, said the Ukrainian banking sector will base its 2020 development strategy on analysis of the global financial, regulatory and technology trends.

The bank will develop a surveillance and short-term monitoring framework to ensure goals are met. The monitoring framework will set the foundation for putting the instruments into practice.

The framework will allow the NBU to put forth its own independent monetary policy and foreign exchange policy. NBU will also develop provisions for the smooth operation of the banking system and principles for supervising bank activity.

"Guided by the principles of transparency and openness in our activities, (this) week we will invite banks to discuss this strategy," Rashkovan said.

The NBU will also focus on reviving lending. The economic recession resulted in a lack of funding in several sectors.