National Bank of Ukraine

Corporate brand

Ukraine's central bank, responsible for monetary policy, currency issuance, banking supervision, financial stability, and the management of official reserves.

Last updated October 14, 2026

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Overview

The National Bank of Ukraine (NBU) is the central bank of Ukraine and the country's primary monetary and financial-stability authority. It was established after Ukraine became independent in 1991, on the institutional foundation of the Ukrainian Republican Office of the State Bank of the USSR. Its constitutional and statutory mandate is to safeguard the stability of the national currency, the hryvnia, while promoting financial stability within the limits set by law. The NBU is accountable to the President of Ukraine and the Verkhovna Rada, but it has legally defined operational independence in carrying out monetary policy and other central-bank functions. The institution performs the core responsibilities normally associated with a modern central bank. It designs and implements monetary policy, issues and withdraws banknotes and coins, manages the country's official foreign-exchange and gold reserves, acts as the government's banker and lender of last resort, and oversees payment systems. It also licenses and supervises banks, regulates significant parts of the non-bank financial sector, monitors systemic risks, and operates resolution and consumer-protection frameworks within its legal remit. The NBU publishes monetary-policy decisions, inflation forecasts, banking-sector assessments, regulatory rules, financial statistics, and information about its reserves and operations. The bank has played a particularly visible role during periods of economic and political disruption. During the 1990s it helped establish the monetary institutions of the newly independent state and supported the introduction and stabilization of the hryvnia. The global financial crisis of 2008–09 tested the banking system and the NBU's foreign-exchange and liquidity tools. Following the 2013–14 political crisis, the annexation of Crimea, conflict in eastern Ukraine, and a severe banking-sector and currency crisis, the NBU undertook a broad reform program. That program included bank stress testing, the withdrawal of licenses from insolvent or non-transparent institutions, greater disclosure of bank ownership, inflation targeting, a more flexible exchange rate, and modernization of supervision and governance. The NBU's monetary framework shifted toward explicit inflation targeting in the mid-2010s. In normal conditions, the bank uses its key policy rate, liquidity operations, foreign-exchange interventions, reserve requirements, communication, and macroprudential instruments to influence inflation and financial conditions. During the full-scale Russian invasion that began in February 2022, it introduced emergency capital and foreign-exchange controls, fixed the hryvnia's official exchange rate for an initial period, supplied liquidity, supported uninterrupted payments, and coordinated with the government and international partners. In October 2023 it moved from a fixed exchange-rate regime toward a managed flexibility framework while retaining an emphasis on exchange-rate stability and inflation control. The NBU is not a commercial bank and does not generally serve households as a retail deposit-taking institution. Its direct counterparties are the government, licensed financial institutions, payment-system participants, international institutions, and market participants. Its public-facing functions include currency issuance, financial-sector regulation, statistical publication, consumer information, and financial-literacy initiatives. The bank's work is closely connected with Ukraine's cooperation with the International Monetary Fund, the European Union, the World Bank, and other international partners. It remains an active institution headquartered in Kyiv and is central to Ukraine's economic resilience, financial integration, and reconstruction policy.

History

The National Bank of Ukraine emerged in 1991 as Ukraine established the monetary institutions of an independent state. It was built on the Ukrainian Republican Office of the State Bank of the USSR and initially operated in an economy undergoing rapid transformation, high inflation, shortages, and the breakdown of Soviet-era financial arrangements. The bank participated in the creation of Ukraine's national currency and monetary infrastructure. The hryvnia was introduced in 1996, replacing the transitional coupon-karbovanets and providing the foundation for a national payments and accounting system. During the first post-independence decade, the NBU's responsibilities included currency issuance, reserve management, monetary stabilization, bank licensing, and the creation of a domestic banking supervisory framework. The legal basis for its role was strengthened by the Constitution of Ukraine and the Law of Ukraine on the National Bank of Ukraine, which defined its primary objective as preserving the stability of the hryvnia and established a framework for institutional independence and accountability. The bank also developed its relationship with the Ministry of Finance, commercial banks, international financial institutions, and the government securities market. The global financial crisis of 2008–09 exposed weaknesses in Ukraine's banking sector and placed pressure on the hryvnia. The NBU used liquidity support, foreign-exchange operations, regulatory measures, and cooperation with international institutions to contain the effects of the crisis. The following years were marked by political change, renewed exchange-rate pressure, and governance concerns across the financial sector. The 2013–14 political crisis, Russia's annexation of Crimea, and armed conflict in eastern Ukraine produced a severe contraction and a major banking shock. From 2014 onward, the NBU undertook one of the most extensive restructuring programs in its history. It reviewed bank ownership and related-party lending, required institutions to recognize losses and raise capital, and removed many insolvent or opaque banks from the market. The regulator published more information about ultimate owners, strengthened risk-based supervision, and worked to improve corporate governance. The reform period also included the nationalization of PrivatBank in December 2016 after the bank was judged to have a large capital deficit and significant related-party exposure. The NBU subsequently pursued legal and financial claims connected with the bank's former owners and other parties. The NBU adopted inflation targeting as its formal monetary-policy framework in 2016, with the key policy rate becoming its main monetary instrument. The framework combined an inflation objective, flexible exchange-rate arrangements, regular policy communication, and foreign-exchange interventions designed to smooth excessive volatility rather than maintain a permanently fixed rate. The bank also expanded macroprudential work and developed a broader supervisory framework for non-bank financial institutions. In 2018, Yakiv Smolii became governor, succeeding Valeriya Gontareva's reform-era leadership. Smolii resigned in 2020, citing sustained political pressure, and Kyrylo Shevchenko was appointed governor. Shevchenko resigned in October 2022, during the full-scale war, and Andriy Pyshnyi became governor later that month. The leadership changes occurred while the NBU was balancing wartime financing needs, monetary stability, financial-sector continuity, and cooperation with international creditors and donors. Russia's full-scale invasion in February 2022 prompted emergency action. The NBU imposed temporary capital controls and restrictions on foreign-exchange transactions, fixed the official hryvnia exchange rate at an initial wartime level, supplied liquidity to banks, supported cash distribution, and kept payment infrastructure operating despite attacks and displacement. It also acted against banks owned by sanctioned Russian groups and coordinated with the government, the IMF, the European Union, and other partners. These measures helped preserve basic financial intermediation while the economy operated under martial law. In October 2023, the NBU moved from a fixed exchange rate to managed flexibility. The change allowed the exchange rate to respond more to market conditions while the bank continued to intervene to prevent disorderly movements and protect reserve adequacy. The NBU's contemporary role therefore combines conventional central banking with wartime crisis management, banking supervision, financial-resolution policy, payment-system oversight, reserve management, and support for Ukraine's longer-term European financial integration.

2023
Managed exchange-rate flexibility introduced
[17]Managed exchange-rate flexibility introducedbank.gov.ua
The NBU ended the wartime fixed exchange-rate regime and shifted to managed flexibility.
2022
Emergency wartime monetary measures introduced
[15]Emergency wartime monetary measures introducedbank.gov.ua
Following Russia's full-scale invasion, the NBU introduced temporary foreign-exchange and capital restrictions, stabilized the official exchange rate, and supported banking liquidity and payments.
2022
Andriy Pyshnyi appointed governor
[16]Andriy Pyshnyi appointed governorbank.gov.ua
Andriy Pyshnyi succeeded Kyrylo Shevchenko as governor of the NBU.
2022
Emergency financial response to the invasion
[8]National Bank of Ukraineen.wikipedia.org
Following the introduction of martial law, the NBU supported emergency financial operations and created separate donation accounts for military and humanitarian assistance.
2020
Governor Smolii resigns
[14]Governor Smolii resignsbank.gov.ua
Yakiv Smolii resigned as governor, stating that sustained political pressure threatened the bank's institutional independence.
2016
Inflation targeting adopted
[12]Inflation targeting adoptedbank.gov.ua
The NBU formally adopted inflation targeting as its monetary-policy framework.
2016
PrivatBank nationalized
[13]PrivatBank nationalizedbank.gov.ua
PrivatBank was transferred to state ownership after the NBU identified a major capital shortfall and risks to financial stability.
2016
Bank ownership transparency reforms
[8]National Bank of Ukraineen.wikipedia.org
The banking framework required ownership structures to be publicly disclosed, reinforcing supervisory transparency and anti-money-laundering controls.
2014
Banking-sector reform program begins
[11]Banking-sector reform program beginsbank.gov.ua
The NBU began a comprehensive cleanup of the banking system, including ownership transparency, stress testing, recapitalization, and the exit of insolvent institutions.
1999
Central-bank legal framework consolidated
[3]Law of Ukraine on the National Bank of Ukrainezakon.rada.gov.ua
The Law of Ukraine on the National Bank of Ukraine established detailed rules for the bank's mandate, governance, monetary-policy responsibilities, and accountability.
1996
Hryvnia introduced
[10]Hryvnia introducedbank.gov.ua
The hryvnia became Ukraine's national currency, replacing the transitional coupon-karbovanets.
1996
Constitutional monetary-stability mandate
[8]National Bank of Ukraineen.wikipedia.org
The Constitution of Ukraine identified stability of the monetary unit, the hryvnia, as the NBU's principal function.
1991
National bank established after independence
[2]National Bank of Ukraine: Historybank.gov.ua
Ukraine established the National Bank of Ukraine as the central monetary institution of the newly independent state, building on the Ukrainian Republican Office of the State Bank of the USSR. Ukraine's parliament adopted legislation reorganizing the Ukrainian republican branch of the Soviet Gosbank as the National Bank of Ukraine during the transition to independence.
1917
Creation of an early Ukrainian state bank
[8]National Bank of Ukraineen.wikipedia.org
The Central Rada established the Ukrainian State Bank on 22 December 1917 using the Kyiv branch of the former Russian imperial State Bank as its institutional basis.

Products and positioning

Ukraine's constitutionally mandated central bank and core institution for monetary stability, banking regulation, payments infrastructure, and financial-system resilience.

Currency issuance · 1996
Hryvnia banknotes and coins
The NBU has the exclusive authority to issue Ukraine's national currency, the hryvnia, and organizes the production, circulation, withdrawal, and replacement of banknotes and coins. It also develops security features, commemorative issues, and public information intended to protect confidence in cash.
Central banking · 2016
Monetary-policy operations
The NBU implements monetary policy through the key policy rate, refinancing and liquidity facilities, certificates of deposit, reserve requirements, foreign-exchange operations, and policy communication. Since 2016, these tools have operated within an inflation-targeting framework, subject to wartime adaptations.
Financial regulation · 1991
Banking supervision and resolution
The NBU licenses banks, evaluates ownership and governance, monitors capital and liquidity, conducts supervisory assessments and stress tests, and can impose corrective measures. It works with the Deposit Guarantee Fund on the resolution or liquidation of troubled banks. The NBU licenses, regulates, and supervises Ukrainian banks. Its responsibilities include prudential requirements, assessment of financial condition, review of ownership structures, enforcement, and measures intended to protect the stability of the banking system.
Reserve management · 1991
Foreign-exchange reserves
The NBU manages Ukraine's official international reserves, using them to support external resilience, meet official obligations, and conduct foreign-exchange interventions consistent with monetary and exchange-rate policy.
Payments infrastructure · 1991
Payment-system oversight
The NBU oversees payment systems and settlement infrastructure, supports the continuity of electronic and cash payments, and regulates relevant payment-service providers under Ukraine's financial-market legislation.
National currency
Ukrainian hryvnia
The hryvnia is Ukraine's national monetary unit. The NBU is responsible for protecting its stability, issuing currency, regulating money circulation, and using monetary and foreign-exchange instruments to support monetary and price stability.
Central-bank policy instrument
Monetary policy and key rate
The NBU formulates and implements monetary policy, including the use of its discount or key policy rate and liquidity operations. These tools influence borrowing conditions, money-market activity, inflation expectations, and the transmission of policy through the banking system.
Financial infrastructure
Payment and settlement services
The bank supports interbank settlements and payment-system operations, including transactions connected with international relations. These functions help maintain the circulation of money and the continuity of financial activity.
Numismatic products
Commemorative and bullion coins
The NBU issues commemorative and bullion coins and other numismatic products. They are distributed through NBU branches and selected state-owned banks, serving collectors and, in the case of bullion products, buyers seeking precious-metal-linked items.

Marketing campaigns

2022Cashless Economy and payment resilience communications
Ukraine
During the invasion, the NBU communicated with the public and financial institutions about cash availability, payment continuity, banking access, and safe use of electronic payments.
Outcome. The campaign supported confidence in payment infrastructure during wartime disruption.
Source
2022Official military and humanitarian donation accounts
Ukraine · International donor community
After martial law began on 24 February 2022, the NBU established and promoted two separate accounts for donations: one supporting Ukraine's military and another supporting humanitarian assistance for the population.
Outcome. The NBU reported that the accounts had raised more than UAH 10 billion by 5 March 2022.
Source
2019Financial Literacy Week
Ukraine
The NBU participated in and promoted nationwide financial-literacy activities designed to improve public understanding of money management, banking, consumer rights, and financial risks.
Outcome. The initiative became part of the NBU's broader consumer-protection and financial-literacy work.
Source

Brand decisions

2023
Move to managed exchange-rate flexibilityStrategy
Background
After more than a year of a wartime fixed official exchange rate, the NBU assessed that market conditions and reserve dynamics allowed a gradual return to greater exchange-rate flexibility.
Action taken
The NBU changed the exchange-rate regime to managed flexibility and retained intervention capacity to address excessive volatility and structural foreign-exchange shortages.
Aftermath
The hryvnia exchange rate was allowed to respond more to market conditions while the NBU continued to prioritize price and financial stability.
Source
2022
Implement wartime financial controlsStrategy
Background
Russia's full-scale invasion created immediate risks to foreign-exchange markets, bank liquidity, cash distribution, and payment continuity.
Action taken
The NBU imposed temporary capital and foreign-exchange restrictions, fixed the official exchange rate initially, supplied liquidity, and maintained critical payment operations.
Aftermath
The banking and payments systems continued operating under martial law, while controls were adjusted as market and security conditions changed.
Source
2022
Emergency financial measures during martial lawOther
Background
The Russian invasion created immediate risks to payment continuity, bank liquidity, currency stability, and the ability to finance military and humanitarian needs.
Action taken
The NBU implemented emergency measures within its central-banking mandate and created dedicated official accounts for military and humanitarian donations.
Aftermath
The bank continued operating as a central financial institution during wartime and reported more than UAH 10 billion in donations through the dedicated accounts by 5 March 2022.
Source
2016
Adopt inflation targetingStrategy
Background
Ukraine needed a clearer nominal anchor after currency instability and the banking crisis associated with the 2013–14 political upheaval.
Action taken
The NBU formalized an inflation-targeting framework centered on the key policy rate, inflation forecasts, communication, and a flexible exchange rate.
Aftermath
Inflation targeting became the bank's standard monetary-policy framework, although wartime conditions later required exceptional measures.
Source
2016
Approve the nationalization of PrivatBankM&A
Background
The NBU determined that PrivatBank had a major capital deficit and that the bank's condition posed a risk to financial stability.
Action taken
The Ukrainian state acquired PrivatBank, with the NBU supporting the resolution process and subsequent recapitalization framework.
Aftermath
The nationalization led to prolonged litigation and continuing disputes involving former owners, while PrivatBank remained under state ownership.
Source
2016
Greater disclosure of bank ownershipStrategy
Background
Opaque ownership and related-party risks were significant concerns in Ukraine's banking sector and complicated supervisory and anti-money-laundering work.
Action taken
The NBU required bank ownership structures to be published as part of its supervisory and anti-money-laundering framework.
Aftermath
The measure increased public transparency around control of Ukrainian banks and supported broader banking-sector reform.
Source
1991
Creation of an independent national central bankStrategy
Background
Ukraine's move from the Soviet monetary and banking system to an independent state required a new institution with responsibility for currency, monetary policy, reserves, and bank regulation.
Action taken
The Verkhovna Rada adopted banking legislation that transferred the Ukrainian republican branch of Gosbank into state ownership and renamed it the National Bank of Ukraine.
Aftermath
The NBU became the institutional foundation of Ukraine's independent monetary and banking system.
Source

Recent events

2023
NBU moves from a fixed exchange rate to managed flexibility[17]Managed exchange-rate flexibility introducedbank.gov.ua
Pricing
The central bank ended the fixed exchange-rate regime introduced after the invasion and adopted managed exchange-rate flexibility, while continuing to intervene to limit excessive volatility.
2022
NBU introduces emergency wartime financial measures[15]Emergency wartime monetary measures introducedbank.gov.ua
Regulation · Other
After Russia's full-scale invasion, the NBU imposed temporary capital and foreign-exchange restrictions, supported banking liquidity, and prioritized uninterrupted payments and financial-system resilience.
2022
NBU withdraws licenses from sanctioned Russian-owned banks[19]NBU withdraws licenses from sanctioned Russian-owned banksbank.gov.ua
Regulation · Other
The NBU revoked the banking licenses and began liquidation procedures for banks linked to sanctioned Russian owners, following the introduction of martial law and sanctions.
2022
NBU established emergency donation accounts after the Russian invasion[8]National Bank of Ukraineen.wikipedia.org
Other
After martial law was introduced on 24 February 2022, the National Bank created separate official accounts for donations supporting Ukraine's armed forces and humanitarian assistance. The bank reported that the accounts had received more than UAH 10 billion by 5 March 2022.
2022
Oschadbank entered the Deposit Guarantee Fund system[8]National Bank of Ukraineen.wikipedia.org
Regulation
The state-owned savings bank Oschadbank joined Ukraine's Deposit Guarantee Fund in April 2022, ending its previous exclusion from the scheme.
2016
NBU introduces inflation targeting as its monetary-policy framework[12]Inflation targeting adoptedbank.gov.ua
Other
The National Bank formally adopted inflation targeting, using a medium-term inflation objective supported by the key policy rate, communication, and exchange-rate flexibility.
2016
NBU places PrivatBank under state ownership[13]PrivatBank nationalizedbank.gov.ua
M&A · Regulation
Following a decision by the Ukrainian authorities, PrivatBank was nationalized after the NBU identified a substantial capital shortfall and serious risks to financial stability.
2016
NBU strengthened disclosure of bank ownership structures[8]National Bank of Ukraineen.wikipedia.org
Regulation
Banking-sector reforms required the ownership structures of Ukrainian banks to be made public, supporting greater transparency and assisting anti-money-laundering and tax-evasion controls.

Sources19 sources

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