Ukraine will bring the operations of banks and insurers into line with EU regulations by 2028
Ukraine plans to bring the operations of banks and insurance companies fully into compliance with European Union regulatory requirements and standards by 2028. According to Andriy Pyshnyy, Governor of the National Bank of Ukraine, the financial sector is currently implementing a large-scale European integration program, and the ongoing transformations should serve as a catalyst for accelerating progress.
As of today, Ukrainian banking regulations comply with EU requirements by approximately 78%, whereas before the start of the full-scale invasion, this figure stood at about 50%. The level of compliance in the insurance sector is slightly lower, at about 55%, which is why the NBU is reforming this sector to increase its transparency, stability, and investment attractiveness.
The head of the National Bank added that private capital will play a key role in the country’s recovery following the economic downturn in the first year of the war, so government officials are also working on new legislation to revitalize the stock market.
The NBU is doing everything possible to cool down an economy that is already on its last legs: economic expert Yuriy Gavrilesko
During the week of June 8–12, the National Bank of Ukraine sold 1,154.9 million U.S. dollars on the interbank foreign exchange market.
