NBU Addresses Ukrainians Regarding Banking Secrecy: Clarification.

The National Bank of Ukraine emphasized the importance of protecting banking secrecy to ensure trust in banks. According to Article 1076 of the Civil Code of Ukraine, banks are responsible for maintaining the confidentiality of bank accounts and client information. The National Bank will consider revising the norms of the law on banking secrecy only at the request of government agencies and with limited access to information. Banks have the right to provide out-of-court access to banking information. Law enforcement and tax authorities may obtain access to banking secrecy only by court decision and with justification for the necessity of obtaining information. NBU Chairman Andrii Pyshnyy highlighted the significance of banking secrecy and its role in public trust. Ukraine is bringing its legislation in the field of protection of banking information and personal data closer to EU practices.

Inflation Forecast and Currency Market Situation

The National Bank expects inflation to decrease to 7% by the end of 2025 and to reach the target level of 5% in 2026. The situation in the currency market remains under the control of the NBU, which has international reserves of 43.8 billion dollars. This provides sufficient resources to maintain exchange rate stability. The official dollar exchange rate is 42.27 hryvnias as of mid-January 2025, but the state budget anticipates an average rate of 45 hryvnias per dollar for 2025. Ukraine's international reserves increased by 8% in 2024, reaching 43.8 billion dollars thanks to international financial support.