Ukraine's National Bank plans to bring country into Single Euro Payments Area

The National Bank of Ukraine (NBU) is planning to bring Ukraine into the Single Euro Payments Area (SEPA)

Source: Andrii Pyshnyi, Chief of the NBU, on Facebook

Details: The European Council decided on 14 December to start negotiations on Ukraine's accession to the EU.

Pyshnyi stressed that the NBU aims to ensure that the national financial services regulatory and monitoring system aligns with European norms and standards by implementing relevant EU legislation.

"We have made considerable progress in improving legislation for the non-banking sector, and effective beginning of next year, a transition period for the insurance market will begin, ultimately bringing us into full compliance with European regulatory and monitoring standards," he added.

The regulator will also maintain a high pace of banking legislation revision. "We are currently working on improving the requirements for the banks' capital structure, further enhancing the reliability of our banking system.

"We have also undertaken a thorough preparatory work, and next year, we plan to initiate the process of Ukraine's accession to the Single Euro Payments Area (SEPA), taking us one step further towards financial European integration," the official added.

Background:

During a summit in Brussels, EU leaders approved the European Commission's recommendation to open accession talks with Ukraine and Moldova.

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