Ukraine among top three leaders in terms of banking crisis frequency – NBU

The National Bank of Ukraine (NBU) says Ukraine is among the top three countries that lead in terms of the frequency of systemic banking crises.

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Direct losses of the country's economy from the recent 2014-2016 crisis accounted for almost 40% of GDP. There have been three such crises in the past 20 years, according to the regulator's presentation of the new strategy on macroprudential policy to prevent systemic crises.

Governor of the National Bank of Ukraine (NBU) Yakiv Smolii says the strategy is aimed to prevent systemic crisis risks in the financial sector, as well as to increase its resilience to crisis.

"The implementation by the National Bank of the macroprudential policy will not only contribute to the stability of the financial system, but also strengthen confidence in banks and support further macroeconomic stability. In the long run, it will ensure sustainable economic growth, which will be more resistant to negative shocks and crises," he said.