NBU plans to connect Ukraine to SEPA euro payment system in 2024

MOSCOW. Dec 18 (Interfax) - The National Bank of Ukraine (NBU) plans to connect Ukraine to the Single Euro Payments Area (SEPA) next year for the purpose of the country's financial European integration, NBU Governor Andrei Pyshny said.

"We have conducted substantial preparatory work and we plan to initiate the process of Ukraine's accession to the Single Euro Payments Area (SEPA) next year," Ukrainian media quoted him as saying on social media.

Since European Union membership also provides for free movement of capital, the NBU will continue to make efforts to ease forex restrictions, shift to greater exchange rate flexibility and get back to inflation targeting in line with the elaborated strategy, Pyshny said.

He also noted substantial progress made in improving legislation for the non-banking sector. The transition period for the insurance market, which starts in 2024, "should bring us into full compliance with the European regulatory and supervisory standards."

"We will maintain a high pace of amending banking legislation. Now we are about to improve the requirements to the capital structure of banks, which will make our banking system even more reliable," Pyshny said.