Expert opinion

In August, the National Bank of Ukraine adopted a number of decisions that are of strategic importance for the financial sector. The key innovations concerned further harmonization of regulation with European standards, easing of currency restrictions, and streamlining of the activities of non-bank financial institutions.

This is stated in the review of regulatory changes by the NBU for July from the Center for Economic Research and Forecasting “Financial Pulse.”

Approaching EU standards

According to Dilara Mustafayeva, head of the analytical department at the Financial Pulse Center for Economic Research and Forecasting, the most significant step was the introduction of changes to the NBU's regulatory framework in the area of regulating the activities of banks and banking groups. Resolution No. 91 of August 1, 2025, updated the procedure for calculating banks' capital adequacy ratios—from now on, it takes into account the minimum amount of credit rating adjustment risk.

In addition, the list of acceptable collateral providers for calculating prudential ratios and credit risk has been expanded. Banks will now be able to take into account guarantee instruments provided by legal entities under public law.

The NBU has also abolished the calculation of current liquidity (H5k) and short-term liquidity (H6k) ratios on a consolidated basis. Control over the liquidity adequacy of banking groups will now be exercised through liquidity coverage ratios (LCRk) and net stable funding ratios (NSFRk).

“These changes are part of the implementation of the European Union's Ukraine Facility financial support program. They gradually bring Ukrainian banking regulation closer to EU standards, which is an important step for Ukraine's integration into the European financial space,” explained Dilyara Mustafayeva.

Easing of currency restrictions

With Resolution No. 95, the NBU has implemented another easing of currency restrictions. Its goal is to provide additional incentives to businesses without creating significant additional demand in the currency market.

“The easing of currency restrictions remains very measured and gradual. This allows businesses to operate more flexibly without creating risks for currency stability,” said Dilyara Mustafayeva.

Development of the non-banking financial sector

Important changes have also taken place in the regulation of the non-banking sector.

• By Resolution No. 92, the NBU introduced requirements for currency risk management of consolidated credit unions and clarified the calculation of prudential standards for credit unions.
  
• Resolution No. 94 of August 1 regulates the activities of financial companies and credit unions that provide consumer loans with the participation of credit intermediaries.
  
• Resolution No. 100 approved amendments to the Regulation on Prudential Requirements for Financial Companies.
  
• Resolution No. 102 defined the criteria for the significance of a financial company: enhanced requirements are introduced for the largest market participants.

Harmonization of payment services with EU practices

Separately, the National Bank paid attention to streamlining activities in the field of acquiring and money transfers. Resolutions No. 103, No. 104, and No. 107 harmonize the Ukrainian procedure for providing these services with the practices of European Union countries.

“It is important for the payments market that Ukrainian rules are compatible with European ones. This creates the conditions for innovation and attracts new players to the market,” emphasized an analyst at Financial Pulse.

For more details on all of the National Bank's decisions in August, see the appendix to this article.