Key objectives for the National Bank of Ukraine
The activities of the National Bank of Ukraine largely determine the direction of reforms in Ukraine, as the central bank has a number of competences that generally affect the efficiency of the functioning of the economy of our country.
Consequently, an effective dialogue with the National Bank is crucial for the business community in order to enable coordination of the resolution of problematic issues that complicate business activity and business development in Ukraine.
The European Business Association sincerely congratulates Yakiv Smolii with the appointment of the Governor of the National Bank of Ukraine and hopes to continue the course of reforms that will promote financial stability and economic growth of the state.
Undoubtedly, the National Bank must primarily carry out a number of priority functions, such as ensuring the stability of the national currency and banking system, defining and conducting monetary policy, the implementation of banking and currency regulation, as well as the implementation of financial obligations to the International Monetary Fund and others.
At the same time, the business community of the European Business Association wishes to draw attention to some points, which are simultaneously extremely important tasks, the solution of which will greatly improve the business climate in Ukraine:
- A complete removal of currency restrictions on export-import operations and foreign direct investments
- Development and support of the adoption of a framework Law of Ukraine «On Currency» that will define the basic principles of currency regulation in Ukraine in the context of implementation of the concept of a new model of currency regulation
- Further liberalisation and de-bureaucratisation of currency legislation at the level of subordinate normative legal acts of the National Bank of Ukraine
- Implementation of the Comprehensive Program of Ukrainian Financial Sector Development until 2020, in particular the Cashless Economy project in the area of popularising cashless payments among the population and developing the infrastructure for accepting payment cards
- Ensuring equal competitive conditions for all the participants in the payment services market
We wish you every success in your activities and we sincerely hope for effective cooperation with the National Bank of Ukraine in the direction of implementation of the above-mentioned initiatives and a productive dialogue with the business community of the European Business Association.
Author: Iryna Chuiko