Council for Financial Stability states lowering of systemic risks
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Council for Financial Stability held a meeting chaired by
the Head of the National Bank Valeriya Gontareva, involving Minister of Finance Oleksandr Danylyuk, heads of the
national regulating agencies for the financial market Tymur
Khromaev and Igor Pashko as
well as managing director of the State Deposit Fund Kostyantyn Vorushylin on May 24.
The Council stated an improvement of the economic situation
in Ukraine since last Council’s meeting in the beginning of March this year.
The major points of the improvement include inflation which slowed down to the
one-digit rate, the resumed economic growth, gradual re-gain of trust to the
banking sector by citizens and business as we as the stabilized currency
market. However, more time is needed to entrench these positive trends.
At the same time, certain risks for the financial stability
are still in place. Council member emphasized the importance of the second
review under the IMF program “Extended Fund Facility”. The IMF mission had a
productive stay in Ukraine, and the efforts of the Ukrainian Government should
be focused on the implementation of preliminary measures set by the IMF which
are the basis for receiving the next tranche from the IMF and other
international partners.
Taking into account the favorable
trends, Council members approve further liberalization on the currency market.
It was also agreed on feasibility to abolish a pension fee charged on the
purchase of foreign currency.
The Council also discussed the current operation of
state-owned banks. The Ministry of Finance confirmed its plans to implement best
practices in corporate management at state-owned banks and to start
preparations to attract foreign investors for the state-owned banks.
