Banking reform: NBU launches joint project with Poland, Lithuania

The National Bank of Ukraine (NBU) says it has launched the Twinning project jointly with the central banks of Poland and Lithuania, which envisages the assistance to Ukraine in reforming its national banking sector.

"Central banks of Poland and Lithuania will support the NBU in a number of areas: development of approaches to banking supervision within the SREP (Supervisory Review and Evaluation Process), implementation of the instant payment system; improvement of strategic planning and process management in the central bank; and streamlining of its European integration and international cooperation," the NBU's press service said on October 1.

Read alsoUkraine sees no banking crisis amid economic recession – NBUThe budget of the project, which is valid for 21 months and funded by the European Union, is EUR 1 million, the press service added.

Twinning: Memo

Twinning is a European Union instrument for institutional cooperation between public administrations of EU member states and of beneficiary or partner countries. In particular, the essence is cooperation and exchange of experience between the Ukrainian state bodies and similar institutions of the EU member states. The subject of the projects is public administration and bringing national legislation into line with EU standards.

The NBU has already participated in the Twinning project related to strengthening the National Bank's capacity through approximation to EU standards in the sphere of central banks, which was successfully implemented in 2009-2011.