Strategy of the National Bank until 2025 discontinued

Following the two-year implementation, NBU Strategy 2025 was revised in 2023 in the wake of the full-scale military invasion by russia.

In 2021, the NBU developed its second institutional Strategy, which covered the period through 2025. The Strategy focused on creating maximum value for customers, meeting today's challenges and contributing to the cutting-edge development of the Ukrainian financial sector regulator.

The NBU Strategy is a road map for the central bank to achieve its goals within its own Mission, Vision, and Values.

Well-balanced mix of products, factoring in the needs of all customer groups, created and supplied to the financial ecosystem is the key to fulfilling the NBU’s Vision and Mission on a daily basis.

The NBU Strategy set a range of manageable priorities.

The document was consistent with the principles and areas of the financial sector’s development, as set forth in the Strategy of Ukrainian Financial Sector Development Until 2025, which consolidated the vision of development of all participants of the financial ecosystem.

The NBU was striving to ensure that financial sector regulation stimulated economic development and addressed the current challenges in the environment as well as the needs of all ecosystem participants. Each item of the Strategy was in line with these aspirations.

Initiatives that were not completed in 2021–2022 were analyzed and, if necessary, updated and included in the new institutional Strategy.

In 2021–2022, the NBU’s overall progress in implementing its strategic goals was 56% (based on the progress in implementing strategic measures). This was only 5 pp lower than planned. The best performance was recorded in Pillar 1. Promoting Economic Recovery and Growth – 62%. The progress was 55% for Pillar II. Digital Finance as a Driver of a Digitalized Economy, and 44% for Pillar III. Institutional Development and Operational Excellence of the NBU.

The Strategy’s implementation is was based on three strategic directions. The first two are external directions designed to meet the needs of the financial ecosystem participants. The institutional advancement and operational excellence direction is intended to facilitate the implementation of the NBU Mission and Vision through internal transformation.

Over the next four years, In 2021-2022 the NBU will focused its efforts on these strategic directions as detailed in the 12 strategic goals.

Goal 1. Maintaining macroeconomic stability

To maintain the macroeconomic stability the implementation of the following strategic initiatives is planned:

1. Increasing confidence in the monetary policy
2. Raising efficiency of the monetary tools
3. Improving quality of foreign exchange reserves management and taking into account the IMF requirements on investment benchmark
4. Harmonizing the regulatory requirements with the EU legislation and development of international cooperation
5. Improving systemic risk management.

Goal 2. Resuming lending to the economy

To resume the lending the implementation of the following strategic initiatives is planned:

1. Promoting mortgage lending
2. Stimulating the development of the nonbank lending market
3. Developing sustainable finance
4. Assistance and development of exporters and priority economy sectors.

Goal 3. Developing the financial services market

To stimulate the developemnt of financial services market the implementation of the following strategic initiatives is planned:

1. Improving the system of regulation of activities of the financial service providers
2. Raising efficiency of supervision system, including prevention of conflict of interest in performing the NBU powers
3. Implementation of full-fledged function on regulation of market conduct of financial sector participants
4. Raising the level of corporate governance and internal control in NFBIs
5. Raising the level of corporate governance and internal control in the banks of Ukraine
6. Improving the deposit guarantee schemes for financial service consumers
7. Building the efficient oversight system, including prevention of conflict of interest in performing the powers of the NBU and other regulators.

Goal 4. Developing the capital markets’ infrastructure

To develop the capital markets infrastructure the implementation of the following strategic initiatives is planned:
1. Raising efficiency of the infrastructure central elements operation
2. Providing conditions for attracting a wide range of national and foreign investors into use of capital markets tools.

Goal 5. Development of cashless economy

To develop cashless economy the following strategic initiatives are planned:

1. Improving the quality and consistency of regulation and decisionmaking on cash circulation and payments
2. Development of payment infrastructure.

Goal 6. Improving the level of financial inclusio

To promote financial inclusion the following strategic initiatives are planned:

1. Improving and developing remote identification and verification to receive financial services
2. Promoting financial awareness of the public
3. Improving mechanisms for protecting consumer rights in financial service.

Goal 7. Developing innovation in the financial sector

The following strategic initiatives are to be accomplished for developing innovation in the financial sector:

1. Creating an innovative financial solutions platform (regulatory sandbox)
2. Introducing digital currency of the NBU (the e-hryvnia)
3. Paperless financial sector.

Goal 8. Cybersecurity of the financial sector

For upgrading cybersecurity of the financial sector the following strategic initiative are to be implemented:

1. Harmonizing and implementing legal and regulatory requirements to cybersecurity of the financial sector
2. Developing the Cybersecurity Center of the National Bank of Ukraine and international cooperation in cybersecurity
3. Monitoring cybersecurity of the financial sector
4. Developing the infrastructure of public keys and electronic trust services
5. Ensuring cyber resilience of the NBU.

Goal 9. Improving the Operational Efficiency

To improve the NBU’s operational efficiency, the following strategic initiatives are to be implemented:

1. Integration and improvement of approaches to planning, governance, and control
2. Increasing the effectiveness of staff
3. "Green organization"
4. Optimization of work areas, maintaining the NBU’s property and strengthening the ability to react to crises
5. Effective management of procurements 6. Increasing the quality and availability of the NBU’s services.

Goal 10. Partnership and Communication with Stakeholders

To reach a new level of partnership and communication with stakeholders, the following strategic initiatives are to be implemented:

1. Surporting the effective system of relations with the NBU’s stakeholders
2. Establishing and implementation of common strategies and programs
3. Development of the information hub for professional market participants
4. Expanding the cooperation with international partners
5. Development of high quality communications.

Goal 11. Digital transformation

For the NBU’s digital transformation to succeed, the following strategic initiatives are to be implemented:

1. IT infrastructure development
2. Functionality automation
3. Infrastructure and service readiness for remote work
4. Data management system development

Goal 12. Best employer

To achieve this goal, the implementation of the following strategic initiatives is planned:

1. "Happy Employee" (Employee Value Proposition, Good Work-Life Balance)
2. Strengthening the attractiveness and recognizability of the employer’s brand
3. Encouragement to implement innovative ideas

Страгегія Національного банку до 2025 року