Strengthening the National Bank of Ukraine

Results achieved as of April 2016 include: (1) the National Bank of Ukraine (NBU) has acquired sufficient analytical capacity to develop and adopt policies that target fixed inflation rates which lead to greater price stability benefitting consumers and businesses; (2) the project has contributed to the significant liberalization of the foreign exchange market by providing technical support to the NBU to adopt and implement policies regulating this area of activity; (3) the NBU has established a new organizational communications structure and is now working to improve the communications strategy to increase the public’s trust in its policies; (4) expert advice provided through the project was instrumental in navigating through the two recent banking crises as it helped the NBU to implement Ukraine’s agreements with the International Monetary Fund. The project continues to work on banking sector restructuring and financial stability reforms; (5) the NBU compliance with International Financial Reporting Standards has improved significantly in recent years. Commercial banks have also started implementing International Financial Reporting Standards.