For the second time since the beginning of the full-scale invasion, the National Bank of Ukraine has updated its institutional Strategy, adding new tasks on the price stability of the hryvnia and the digital security of the banking system.
This was announced by the National Bank, Ukrinform reports.
It is noted that according to the results of the strategic session at the end of 2024, 11 new indicators were added to the NBU Strategy and six existing ones were clarified. The roadmap of measures was supplemented by 17 new measures, and another 45 measures were clarified.
In particular, under the goal “Stable Hryvnia”, the NBU planned to achieve more ambitious targets for price stability, inflation expectations, and exchange rate stability.
In addition, under the Financial Stability objective, the NBU added measures to strengthen the business continuity of financial sector participants, improve risk management in banks, and counteract drop and misdirection schemes. Special attention is paid to identifying links with the aggressor state in the ownership structures of financial market participants.
As part of its European integration efforts, the NBU will focus on integration into the EU financial services market and the development of an ESG Policy for the financial sector. In addition, the NBU plans to implement a new National Strategy for the Development of Financial Literacy until 2030 and expand lending programs for households and entrepreneurs.
The regulator also plans to strengthen control over cyber resilience and information security in accordance with EU legislation, expand oversight of virtual assets, and make it impossible to use software solutions from suppliers associated with the aggressor country.
In addition, the NBU has planned a number of measures to ensure the smooth performance of its functions as part of the Effective Central Bank goal. In particular, the regulator will work on the development of security systems and the introduction of artificial intelligence, the creation of the NBU Sectoral State Archive, and the reintegration of war veterans.
As reported, in May 2023, the NBU presented the Financial Fortress Strategy focused on resisting Russian aggression and rebuilding the country. This is a flexible document that is periodically updated in response to external circumstances.
Source: NBU updates its strategy for second time since beginning of war
