Bank of Ukraine prioritises green finance

The past eighteen months of pandemic disruption have been a transitional period for the entire world that has also brought rapid change to financial ecosystems. The Ukrainian banking sector is now adapting to this new reality, along with the entire Ukrainian business community.

Without any doubt, the main factor shaping Ukraine's future development is the pathway towards further European integration. Ukraine chose this path in 2014 when it signed an Association Agreement with the EU.

Among other things, this Association Agreement provides for the implementation of EU regulations in the Ukrainian financial market. This process is long and challenging, but we remain committed to further progress, no matter how many obstacles we encounter.

EU integration lies at the core of the updated National Bank of Ukraine Strategy until 2025, which identifies three priorities and 12 strategic goals.

The first priority is the promotion of economic recovery and development, which includes initiatives to maintain macrofinancial stability, restore lending to the economy, and develop the financial services market along with capital market infrastructure.

Priority number two is the development of digital finance as a driver for the further digitalization of the Ukrainian economy. We will continue to promote an innovative and cashless economy, increase financial inclusion, and make sure that the financial sector is protected from cyberattacks.

The third priority

is institutional development and operational excellence, which involves building the NBU's institutional capacity and independence, implementing the central bank's digital transformation, and promoting green policies in support of sustainable development.

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One of the key foundations for sustainable development is macrofinancial stability, which lays the groundwork for all further changes identified in the NBU Strategy.

To ensure this stability, we are committed to keeping inflation within its target range of one percentage point above or below 5% in the medium-term.