The Strategy for the Development of the Financial Sector of Ukraine updated: maintaining stability, attracting investment, and EU integration

The National Securities and Stock Market Commission, the National Bank of Ukraine, the Deposit Guarantee Fund, the Ministry of Finance of Ukraine, and the Ministry of Economy, Environment, and Agriculture of Ukraine approved the updated Strategy for the Development of the Financial Sector of Ukraine (“the Strategy”).

The persistence of high uncertainty due to the ongoing full-scale war requires updating joint strategic priorities to effectively respond to new challenges and possible scenarios. The implementation of the updated Strategy will contribute to improving the effectiveness and coordination of actions of the financial market regulators aimed at strengthening macroeconomic and financial stability, attracting investment, and further integrating Ukraine into the European Union.

The need for updating the Strategy is also envisaged by the Memorandum on Economic and Financial Policies between Ukraine and the International Monetary Fund.

What changed?

Major changes in the updated Strategy deal with:

– expansion of the measures for macroeconomic and financial stability: new initiatives added concerning the legislative regulation of the Business Development Fund, the preparation of a Strategy for the development of mortgage lending, the reform of the compulsory state social insurance system, and the improvement of the resilience of the critical infrastructure and digital operational resilience of the financial sector and the Deposit Guarantee Fund. These steps are aimed at ensuring the reliability and efficiency of the functioning of the financial system;

– modernization of the capital markets: measures for developing the capital market infrastructure updated. This includes aligning the target model for the operation of the capital markets with the stakeholders, consolidating the accounting infrastructure, and attracting actively foreign investors. The aim of these changes is to reform the market in order to maximize the use of opportunities for attracting private investment;

– deepening EU integration: Objective III “The financial system works for the recovery of the country and integrates into the EU” was expanded and a new initiative, “European integration of the financial sector,” was added. This is expected to deepen cooperation with EU institutions, implement policy documents, start active participation in the negotiation process and implementation of EU legislation, taking into account the recommendations of the European Commission following the screening. These updates reflect a strategic course towards comprehensive development and integration of the Ukrainian financial sector into the EU financial space.

To respond effectively to current challenges, the updated Strategy also includes a summary of key indicators that are important in the short term. In addition, five indicators were specified and four new ones were added during the update of the Strategy, relating to expanding access to remote financial and public services through the NBU’s BankID system, legislative regulation of investment funds, improvement of the voluntary accumulative pension savings system, and expansion of links with a foreign depository for reconstruction and recovery instruments. In addition, this document provides an updated description of the current state of Ukraine’s financial sector and its future prospects.

For reference

The Strategy is developed and gets updated within the work of the Financial Development Committee under the Financial Stability Council. The Strategy was approved by the Financial Stability Council in July 2023 and presented to the public in August 2023.

On 13 May 2025, the Financial Stability Council approved the updated list of measures of the Strategy, and on 26 June 2025 it approved the updated Strategy itself.

The updated Strategy was approved by regulatory acts of these designer institutions, in particular by the NSSMC Order No. 08/21/2706/K04 dated 08 August 2025.

As of the end of 2024, 87% of the Strategy measures had been fully implemented or were being implemented according to schedule (a detailed report is available following the link).