For the first time of its existence, Ukraine’s National Bank has received an international award Central banking awards from a magazine about central banks activity and Сentral banking financial regulators, as RBK-Ukraine reported referring to Сentral banking.
In 2017, Irish Central Bank received the title of the most transparent central bank, in 2016 – Israeli one, in 2015 – the National Bank of Czech Republic and in 2014 – Swiss National Bank.
The bank can receive this award for achievements of the central bank in terms of transparency concerning the stakeholders.
“Ever since a revolution brought down the country’s president in 2014, the NBU had to cope with multiple problems, including rapidly spiralling inflation, an escalating war in the country’s east and a compromised banking system. It would have been tempting to release no new information, or even reduce the NBU’s transparency,” the message says.
The jury believes that the National Bank of Ukraine managed to achieve progress in quite difficult conditions.
“The central bank did not hide the extent of the problems it found in the country’s banking system. Instead, it gave clear information on the issues it found in many undercapitalised or fraudulently run banks. Its transparency in these matters has consistently improved during the past four years. This has put it well beyond the standards of some central banks in neighbouring countries, including some Eurosystem central banks,” the message reads.
The award ceremony will be held on March 13, 2019 in London.