Revised strategy for financial sector development aimed at inflation of 5%, spread between NBU, cash rates of up to 3%
Financial sector regulators have updated the Strategy for its development, revised and supplemented the indicators and measures for its implementation, among other things, they set the goal of directing inflation to 5% instead of maintaining it at 15% in the previous version of the document and maintaining the spread between the official and cash exchange rates of the hryvnia to the U.S. dollar at less than 3% instead of 5% previously.
According to the published information, the document was jointly approved by the National Bank of Ukraine, the National Securities and Stock Market Commission, the Deposit Guarantee Fund, the Ministry of Finance and the Ministry of Economy.
It is noted that a total of five indicators have been clarified and four new ones have been added, relating to expanding access to remote financial and government services through the NBU BankID System, legislative regulation of investment funds, improving the voluntary accumulative pension system, and expanding the link with a foreign depository to reconstruction and recovery instruments.
At the same time, the indicator "introduction of war-political risk insurance" has been replaced by a less stringent "quality and operational support for the draft law on the war risk insurance system is provided to ensure its adoption by the Verkhovna Rada".
As before, the revised strategy provides for such indicators as conducting an assessment of the stability of the largest banks with the involvement of independent auditors and stress testing under baseline and adverse scenarios, launching new instruments for resolving non-performing loans (NPLs), and forming a roadmap for the restoration of financial services in the deoccupied territories within their deoccupation plan.
Other indicators include legislative regulation of the virtual assets market, investment accounts, rating agencies and investment funds (UCITS, AIFs) in accordance with EU acts.
In addition, the document provides for strengthening the institutional capacity of the National Securities and Markets Commission of Ukraine, the development of financial inclusion, in particular taking into account the needs of veterans, and the integration of the Ukrainian capital market with international infrastructure.
It is noted that in general, the Strategy is aimed at implementing five goals: macroeconomic stability, financial stability, a financial system working to restore the country and integrate into the EU, modern financial services, institutional capacity of regulators and the DGF. Each of them contains from three to seven components.
It is expected that the implementation of the revised Strategy should strengthen the financial system of Ukraine, support defense capabilities and create conditions for post-war recovery and sustainable economic development. The document is aimed at European integration, approximation of legislation to EU standards and gradual liberalization of financial markets with a return to the inflation targeting and floating exchange rate regime.
The Strategy is being developed and updated within the framework of the Committee on Financial Development at the Financial Stability Council. In July 2023, the Strategy was approved by the Financial Stability Council, after which a public presentation took place in August.
On May 13, 2025, the Financial Stability Council approved an updated list of measures, and on June 26, 2025, an updated Strategy.
The NBU emphasized that by the end of 2024, 87% of the Strategy measures had been fully implemented or were being implemented on schedule.
