The National Bank of Ukraine Publishes the Annual Report for 2016
The
National Bank of Ukraine has published its key document – the Annual Report
for 2016, which presents a summary of the regulator’s performance in 2016
along the main lines of activity.
The report
provides a comprehensive overview of all aspects of the NBU’s activities,
including the decisions taken, core functions, as well as reform and
transformation processes. The Annual Report also provides insight into the
external and internal factors affecting the decision-making process, highlights
the accomplishments, and contains the NBU’s Consolidated Financial Statements
for 2016 and an audit opinion accompanying these statements.
The document states that the year 2016 was a year of
large-scale reforms and changes, building on the previous year’s groundwork:
"External conditions remained unfavorable with global risks mounting.
Nevertheless, economic indicators and banking sector trends offer reason for
optimism".
The NBU’s key achievements in 2016:
·
the NBU succeeded in
stabilizing the macrofinancial situation, set the
stage for economic growth and for key economic indicators to return to optimal
levels;
·
the regulator developed a
new monetary policy;
·
over the course of the
year, the NBU gradually cut its key policy rate from 22% to 14% and removed
some foreign exchange restrictions;
·
the NBU"s international
reserves rose by 17%;
·
comprehensive stress
testing of the banking system was conducted, covering 98% of total assets of the
domestic banking sector;
·
the banking system reached
100% transparency;
·
a new system was
implemented to assess financial stability and supervision;
·
the NBU completed a
diagnostic study of related party transactions;
·
the banking sector is
gradually trending towards recovery, with 63 banks posting profits of UAH 10.8
billion as of 1 January 2017;
·
confidence in the banking
system is gradually being restored;
·
banknotes of the hryvnia
remain among the most secure in the world;
·
cashless Economy Project
was launched;
·
cashless payments became
more and more popular in Ukraine;
·
the BankID system for
identifying bank customers to provide administrative services from the
government became operational.
·
last year, the PROSTIR Ukrainian Payment Area national
payment system underwent a series of important changes that promoted its
development.
·
the NBU’s internal
transformation is under way;
·
The Comprehensive Program
of Ukrainian Financial Sector Development Until 2020, which serves as a roadmap
for reforms, was updated;
·
The National Bank of
Ukraine became the first institution awarded the HR Brand 2016 award in the
area of Human Resources; and
·
the central bank organized its first international
research conference and hosted the IMF-World Bank Constituency Meeting, a
meeting of regional members of the IMF and World Bank (Ukraine is a member of
both).
The design of the Annual Report for 2016 is based on the design of the Ukrainian hryvnia banknotes
since last year Ukraine’s national currency celebrated the 20th anniversary of
its introduction. The design further highlights the NBU’s values, mission and
vision, which were published in the 2015 Annual Report.
One of this year’s design
novelties is to
devote each section of the Annual Report to a certain value, mission and vision,
which starts with the cover featuring a conventionalized image (portrait) of a
historical personality depicted on the banknote. The quotation has been selected to reveal the core message of each section
of the NBU’s Annual Report.
The
Ukrainian version of the 2016 Annual Report is available here.
The
English version of the 2016 Annual Report will be published
within a month.
Consolidated
Financial Statements of the NBU for the Year Ended 31 December 2016 can be
found here.
For
reference
Compilation
and dissemination of the Annual Report is a common practice among the world"s
central banks. The NBU’s Consolidated Financial Statements,
are an integral part of the Annual Report. The financial
statements are audited by an international accounting firm, Deloitte, being part of
Deloitte Touche Tohmatsu Limited.
The NBU’s
Annual Report has been published since 1993.
The annual reports for 2001– 2016 are posted on the NBU’s website. The NBU has already
converted existing printed versions of the annual reports (covering 1993 –
2000) into electronic format. The electronic versions of annual reports are published on the NBU’s website.
Since
2014, the NBU has embraced the Going Green trend, or using environmentally
friendlier alternatives in producing annual reports, and issues its annual
report in electronic format only.
