At the IMF’s request, Ukraine will work on creating a postal bank.

Ukraine’s memorandum with the IMF says that the Ukrainian authorities plan to create a specialized bank to ensure access to financial services for residents in remote settlements, de-occupied territories, and front-line zones. This bank will work based on existing infrastructure, particularly the postal system. It will be something like a postal bank, which Ihor Smilyanskyi, the general director of the state post office, Ukrposhta, wants to create. Still, the memorandum with the IMF does not specify that it will become an exclusive Ukrposhta product.

The specified financial infrastructure should help with the problem of low financial service availability, particularly for vulnerable population categories, and aid in the reintegration of de-occupied territories. The bank will have a limited banking license – restrictions will apply, among other things, to credit opportunities.

To create this type of banking license, the NBU must prepare a corresponding draft law by the end of July 2024.