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| Headquarters | 9, Instytutska st,Kyiv, 01601 |
|---|---|
| Coordinates | 50°26′50″N30°31′52″E / 50.44722°N 30.53111°E /50.44722; 30.53111 |
| Established | 1991 |
| Ownership | 100%state ownership[1] |
| Governor | Andriy Pyshnyi[2] |
| Central bank of |  Ukraine |
| Currency | Ukrainian hryvnia UAH (ISO 4217) |
| Reserves | $40.5 billion |
| Bank rate | 25.0% (from June 03, 2022)[3]UAH 20.20%,FE 4.80% (January 2019)[4] |
| Interest on reserves | UAH 13.0%,FE 2.60% (January 2019) |
| Preceded by | Gosbank (inUkrainian SSR territory) |
| Website | bank |
TheNational Bank of Ukraine (Ukrainian:Національний банк України,romanized: Natsionalnyi bank Ukrainy[nɐt͡sʲiɔˈnalʲnei̯bankʊkrɐˈjine],NBU /НБУ) is thecentral bank ofUkraine. Created in 1991 from the Ukrainian operations of the SovietGosbank, the NBU employs over 12,000 people, making it one of the largest employers in the financial sector in Ukraine. It regulates and supervises activities, functions and the legal status of public and commercial banks based on the principles of theConstitution of Ukraine and thelaw of Ukraine.[5]
TheState Bank of Ukraine [uk] (Український державний банк) was a predecessor of the NBU, founded on 22 December 1917 under a law passed by theCentral Rada of theUkrainian People's Republic on the basis of the Kyiv branch of theState Bank of the Russian Empire. It functioned under the UPR andUkrainian State governments until it was liquidated by the Bolsheviks at the end of theUkrainian War of Independence.
The Ukrainian branch of the SovietGosbank took on central banking functions in Ukraine in early 1991. Like institutions of many newly independent nations, it faced dire financial straits during the 1990s, leading to a prolonged period ofhyperinflation. On 20 March 1991, theVerkhovna Rada (parliament) adopted the resolution "On Banks and Banking Activity", which became law on May 1. The resolution declared ownership by theUkrainian SSR of the Ukrainian Republican branch of the Gosbank, which was subsequently renamed theNational Bank. The same resolution simultaneously nationalized the Ukrainian Republic branch of the SovietPromstroybank renamedProminvestbank, the Ukrainian Republic branch of theSavings Bank of the USSR, and the Ukrainian Republic branch of theForeign Trade Bank of the USSR as well as the Ukrainian Republic Department of cash settlement of the Soviet Gosbank.
Following theintroduction of martial law on 24 February 2022, the National Bank of Ukraine took the extraordinary step of creating and promoting two separate accounts to receive donations (domestic and international) as a response to theRussian invasion of Ukraine: one account to support the Ukrainian military,[6][7][8] and the other account to support the general populace with humanitarian assistance.[9] On 5 March 2022, the NBU reported having raised "more than UAH 10 billion" (roughly USD $350 million) for military and humanitarian aid.[10]
The legal status of the National Bank of Ukraine and the principles of its organization and activities are determined by theConstitution of Ukraine and theLaw of Ukraine "On the National Bank of Ukraine".[11]
The National Bank of Ukraine is a legal entity with separated property, which is the object of the state property. Its authorized capital amounts toUAH 100 million and is the state-owned property which is in the full economic competence of the National Bank.[12]
According to Article 99 of theConstitution of Ukraine, adopted in 1996, the main function of the country's central bank is to ensure stability of monetary unit – theHryvnia (Ukrainian's national currency). To carry out its main function, the National Bank shall foster the stability of the banking system and, within its competence, the price stability.
According to theLaw of Ukraine "On the National Bank of Ukraine", the functions of the National Bank are:
The National Bank of Ukraine has the power to introduce legislation in theVerkhovna Rada.[13] Resolutions of the NBUbecome enforceable when published on its website. Decisions of the NBU may be contested through thecourts pursuant to Art.74 of the Law on the National Bank,[14] however, courts may not suspend resolutions during the investigation of appeals.
The Governor of the National Bank of Ukraine is the chief executive, while its functions are coordinated by theCouncil of the National Bank of Ukraine. The council consists of 15 members including the Governor of the National Bankex officio. Seven members are appointed by thePresident of Ukraine and theVerkhovna Rada. Thequorum of the Council is six members.[15]
According to theConstitution of Ukraine, the main function of the National Bank of Ukraine (NBU) is to ensure the stability of Ukraine's monetary unit (thehryvnia). To carry this out, the National Bank fosters the stability of the banking system and, within its competence,price stability.
Due to Art.51 of the law on the National Bank of Ukraine, the NBU is accountable for its activities to theVerkhovna Rada (the parliament of Ukraine), thePresident of Ukraine and theCabinet of Ministers of Ukraine.[14]
As part of its central banking functions, the National Bank bears responsibility forbanking regulation and supervision in Ukraine.
Allregistered banks in Ukraine are member of the Deposit Guarantee Fund, which providesdeposit insurance up to 200.000 UAH (approx.USD $5000) per person and bank in case of insolvency. Until 2022,Oshadnybank was excluded from this fund because the Ukrainian state guaranteed its deposits directly. It joined the DGF in April 2022.
Banks are divided by the National Bank into four categories depending on their size (for intensity of banking supervision).[16]
Since 2016, the Bank's Anti-Money Laundering and Tax-Evasion Policy has required the ownership structures of banks topublished.
The Governor of the National Bank of Ukraine is dismissed and appointed by theVerkhovna Rada (Ukraine's parliament).[17][18] ThePresident of Ukraine nominates a candidate before she/he can obtain a parliamentary approval.[17] The President (also) submits to the Verkhovna Rada the draft resolution on the dismissal of the Governor.[19]
The following people have served as the Governor of the National Bank since 1991:
| No. | Portrait | Name | Took office | Left office |
|---|---|---|---|---|
| 1 |  | Volodymyr Matvienko | 1991 | 1992 |
| 2 |  | Vadym Hetman | 1992 | 1992 |
| 3 |  | Viktor Yushchenko | 1993 | 2000 |
| 4 | .jpg) | Volodymyr Stelmakh | 2000 | 2002 |
| 5 |  | Sergiy Tigipko | 2002 | 2004 |
| 6 | | Volodymyr Stelmakh | 2004 | 2010 |
| 7 |  | Serhiy Arbuzov | 2010 | 2012 |
| 8 | Ihor Sorkin | 2013 | 2014 | |
| 9 |  | Stepan Kubiv | 2014[20][21] | 2014[22] |
| 10 |  | Valeriya Hontareva | 2014[22][23] | 2017[24] On 11 May 2017 the bank installed deputy governor Yakiv Smoliy asacting governor.[25] |
| 11 |  | Yakiv Smoliy | 2018[26] | 2020[27] On 3 July 2020 First Deputy GovernorKateryna Rozhkova temporarily assumed Smoliy's duties.[28] |
| 12 |  | Kyrylo Shevchenko | 2020[29] | Asked for his resignation on 4 October 2022.[18][30] Dismissed by parliament two days later.[31] |
| 13 | .jpg) | Andriy Pyshnyi | 2022[2] | actual |
The national Bank of Ukraine offers a broad scale ofcommemorative andbullion coins andnumismatic products, which are being sold primarily (2/3 of production) by the branches of NBU and 1/3 by state banks (Oschadbank andUkrgasbank).[32][33]
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