The National Bank is updating its strategy in response to the protracted war.

The National Bank of Ukraine has started forming a revised strategy that considers the transition to a “protracted war phase” and the need for further recovery, said the head of the NBU, Andriy Pishniy. He explained that the strategy change’s key objective is to reduce uncertainty and improve the regulator’s capacity. First, it is necessary to avoid addressing the budget deficit through additional currency emissions this year. Pyshnyi also noted that the National Bank will clearly define its role in the recovery process, “taking the initiative and forming the agenda for the necessary changes.” This will most likely represent the NBU’s strategy until 2025, which includes 12 goals in three areas, in particular, promoting economic recovery and development, digital finance as a driver of economic digitalization, institutional development, and operational excellence.