The Head of the National Bank of Ukraine, Andriy Pyshnyy, outlined expectations regarding the key reforms that will be included in the list of structural benchmarks and prior actions within the new cooperation program with the International Monetary Fund. According to him, special attention will be paid to the development of capital market infrastructure, the de-shadowing of the economy, and the legalization of the virtual asset market with the implementation of a transparent legal framework for its functioning. The development of capital market infrastructure has been identified as a priority direction for further reforms.
This is reported by Business • Media
Enhancing Compliance with European Standards
As Andriy Pyshnyy emphasized, the National Bank is already actively working on harmonizing the regulatory environment of the financial sector with European standards. Currently, the level of equivalence, according to NBU estimates, has reached 77%, while before the full-scale invasion, this figure was less than 50%.
“We plan to achieve 100% equivalence by 2027,” emphasized Pyshnyy.
Further Steps in Financial Sector Reform
Deputy Head of the NBU, Serhiy Nikolaychuk, added that the implementation of the approved roadmap for the development of financial market infrastructure has already become one of the main structural benchmarks of the current IMF program. Among the important elements of the new program, he also noted further progress towards the privatization of state banks and the implementation of a stable taxation model for the banking sector.