Ukraine intends to bring its banks and insurance companies into compliance with EU rules by 2028. This was stated by the Governor of the National Bank of Ukraine, Andriy Pyshnyi, in a comment to Reuters, as reported by UNN.
Details
He noted that Ukrainian banking regulations currently comply with EU norms and requirements by approximately 78%, whereas before the start of the invasion, this figure was around 50%.
At the same time, the level of compliance in the insurance sector is lower—around 55%. Pyshnyi noted that the NBU is reforming the Ukrainian insurance sector to make it "more transparent, stable, and attractive to investors."
"We have a large-scale European integration program. We believe that the war and the transformation we are currently undergoing do not mean we should slow down. On the contrary, it means we must use them to accelerate progress,"
According to him, Ukraine's economy contracted by nearly 30% in the first year of the invasion but recovered by about 10% in the following years. Private capital will play a key role in the country's recovery, he added.
"We need private capital. And to attract private capital, infrastructure is necessary,"
Pyshnyi added that government officials are also working on new legislation designed to revitalize the stock market in Ukraine.
Recall
On June 15, Ukraine and the European Union officially launched accession negotiations. Both sides opened the first cluster.