Banking & Finance

The banking system in Ukraine has a two-level structure. The first level is represented by the National Bank of Ukraine (NBU) which is an independent central bank conducting monetary policy and having a monopolized right to issue Ukrainian national currency – hryvna. According to the Ukrainian Constitution, the main goal of NBU is to maintain the stability of the national currency. The second (lower) level is represented by commercial banks conducting their activities on financial markets. Ukrainian banks offer classical banking (depositing, lending) and investment (buying and selling securities) services.

The main Ukrainian banks are PrivatBank, Bank Aval, Oshchad Bank(State Savings Bank), and UkrEksIm Bank (Ukrainian Export-Import Bank).

The insurance market in Ukraine is developing rapidly. It consists of around 50 companies which are partly or completely owned by foreign investment. The main insurance agents in Ukraine are Oranta, TAS, Alico AIG Life Insurance, Providna, and Universalna.

Other financial intermediaries are credit unions, pension funds, and investment companies. This sector is not so developed as banking and insurance, though there is a positive trend in its development.

Print & Subscription Resources

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Alexander, Philip. "Politics holds key to lending." The Banker, March 2010. Retrieved May 7, 2011,, from ABI/INFORM Global. (Document ID: 225619128)

Analytical summery of the situation of bank liquidity and IMF assistance in Ukraine.

Economic Development of the Ukraine:
A Guide to Selected Information Sources

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Building of the National Bank of Ukraine - Author: Alexander Noskin - Date: 8-15-2005.
From the Wikipedia Commons

Bilan, Olena and Kryshko, Maxym. Does Monetary Policy Transmission in Ukraine Go Through the Interest Rates? EERC Working Paper Series.
Available at SSRN: http://ssrn.com/abstract=986204

Empirical research investigating the role of interest rates as the transmission channel of monetary policy. Contains rigorous quantitative analysis.

Bulletin of the National Bank of Ukraine = Bi͡ulleten' Nat͡sional'nyĭnogo banka/ Nat͡sional'nyĭnyĭBank Ukrainy. Nat͡sional'nyĭnyĭBank Ukrainy.
LC Call Number: HG3130.9 .A125
LC Catalog Record: 2005201348
Publisher's web site: http://www.bank.gov.ua/control/en/publish/category?cat_id=57568

Published by the National Bank of Ukraine, this publication contains data and analysis of the country's economic performance. In English and Ukrainian.

Burlaka, Maksym V. "Bank Corporate Governance: The Emerging Ukrainian Market Compared To International Best Practices," Fordham Journal of Corporate & Financial Law, Volume 11, Number 4, pp.851-891. Retrieved May 7, 2011, from ABI/INFORM Global. (Document ID: 89068767)
LC Call Number: K6 .O7276
LC Catalog Record: 2001234979

Comprehensive overview of banking practice in Ukraine and the world, with emphasis on the necessity of corporate governance reform in the banking sector.

Depenchuk, Iryna O., Compton, William S., and Kunkel Robert A. "Ukrainian financial markets: an examination of calendar anomalies." Managerial Finance. Volume 36, Number 6, pp. 502-510. Retrieved May 7, 2011, from ABI/INFORM Global. (Document ID: 312286808).
LC Call Number: HF1558.28 .U395 2005
LC Catalog Record: 2005050874

A scholarly article investigating the significance of calendar fluctuation influence on the financial market in Ukraine. Particularly useful for those with a background in statistics/econometrics.

Hryvniv, Volodymyr; Jakubiak, Malgorzata; Mykhaylychenko, Mykyta; Novoseletska, Oksana; Paczynski, Wojciech and Wozniak, Przemyslaw. Sustaining Low Inflation in Ukraine (December 1, 2005). CASE Reports No. 63. Available at SSRN: http://ssrn.com/abstract=889032

A comprehensive analytical report on inflation in Ukraine. Contains data and rigorous quantitative analysis. Particularly useful for those interested in an in depth understanding of the causes of inflation in Ukraine and the ways to lower it.

Laurence, Bernard J. Monetary policy implementation at different stages of market development. Washington, DC: International Monetary Fund, 2005. 99 p.
LC Call Number: HG1496 .M6325 2005
LC Catalog Record: 2006296253
Table of contents

Provides description and analysis of monetary policy in some developing countries including Ukraine. Particularly useful for those interested in understanding the use of monetary policy instruments as the tools of macroeconomic stabilization.

Shinozaki, Shigehiro … et al, Housing finance markets in transition economies: trends and challenges. Paris: Organization for Economic Co-operation and Development, 2005.
LC Call Number: HD7287.55 .H687 2005
LC Catalog Record: 2008359076
Table of contents

Provides a comprehensive analysis of the housing financial market in the post-Soviet countries including Ukraine. Particularly useful for those interested in researching the development of the housing market in general and in particular countries.

Shvayka, Mykhaylo A. he credit monetary system: its essence and peculiarities of its functioning. Kyiv: Kyiv International University, 2008. 304 p.
LC Call Number: HG3729.U38 S48 2008
LC Catalog Record: 2008481002

Provides author's view on the development of credit-monetary system in general and in Ukraine particularly. Contains an analysis of problems and issues related to the conduct of the central bank's policy in Ukraine.

UKRAINE: Banks struggle to shake off crisis effects. Oxford Analytical Daily Brief Service, January 25, 2010. ABI/INFORM Global.. (Document ID: 192462541).

Analytical summary of the development of the Ukrainian banking system during and after major financial crises.

Ukraine: Country fact sheet. EIU Views Wire. May 2011. Retrieved May 7, 2011, from ABI/INFORM Global. (Document ID: 859585051).

An analytical summery prepared by Economist Intelligence Unit. Provides recent macroeconomic data on Ukraine and information on major issues Ukraine has faced since 2008 as a result of the world economic crisis. Contains brief comments on International Monetary Fund assistance to Ukraine during 2008-2010.

UKRAINE: Real estate market faces bleak future. (2009, January). Oxford Analytical Daily Brief Service, January 2010. ABI/INFORM Global. (Document ID: 1687667281).

Brief outlook for Ukraine's real estate market.