Law on the National Bank of Ukraine of 1991

Ukraine

(amended through 2009)

The Law on the National Bank of Ukraine of 1991 establishes the legal basis for activities of the National Bank of Ukraine, which is the regulatory body for banks in Ukraine.

The Law of Ukraine on the National Bank of Ukraine mandates that the National Bank shall foster stability of the banking system and, within its competence, price stability. The National Bank shall regulate commercial banks and its functions shall be:

  • To determine and implement monetary policy;
  • To issue the national currency of Ukraine and to organize its circulation;
  • To act as a creditor of last resort for banks and to organize the refinancing system;
  • To establish the rules of conducting banking transactions, accounting and reporting, protection of information, funds and property of bank;
  • To determine the system, procedure and forms of payments, including interbank ones; and
  • To determine areas of development of modern electronic banking technologies, to establish, coordinate and control the creation of electronic means of payment, payment systems, banking automation and banking information protection facilities.

This law provides for:

  • General provisions;
  • Governing Bodies of the National Bank of Ukraine;
  • Organizational basis and structure of the National Bank of Ukraine;
  • Monetary Policy;
  • Cash Circulation Management;
  • Organization of Settlements and Accounting; and
  • Transactions of the National Bank.