The National Bank of Ukraine (NBU) held its latest meeting with the leadership of leading business associations. The main topics of discussion were currency liberalization, measures to stimulate lending, and steps toward de-shadowing the economy.
Market participants note a positive trend: the country’s main financial regulator is increasingly taking the views of entrepreneurs into account when developing and adopting regulatory decisions. The communication platform that has been established is already proving its practical effectiveness.
In today’s reality, the NBU has effectively become one of the key regulators of Ukraine’s foreign economic activity (FEA). Such a significant role requires the National Bank not only to expand its own organizational and technical capabilities but also to continuously draw on in-depth external expertise and feedback from the real sector.
The Main Challenge: Who Will Protect the Interests of Businesses That Are Not Members of Associations?
Despite the success of the dialogue, analysts point to a significant systemic challenge. Currently, large business associations with substantial financial and organizational resources are the most active participants in consultations with the NBU.
At the same time, a vast number of companies—which, due to economic difficulties or other circumstances, do not belong to any associations—remain effectively isolated from the process of discussing regulatory decisions that are important to them.
“It is precisely these categories of businesses that are most vulnerable today and require special attention. Negative trends in their operations must be identified as quickly as possible, serving as a basis for adjusting the NBU’s policy or further easing currency restrictions,” experts emphasize.
German Experience and Possible Solutions for Ukraine
Around the world, this problem is addressed in various ways. For example, Germany has a system of mandatory membership for businesses in chambers of commerce and industry, which ensures that every entrepreneur’s voice is heard.
For Ukraine, the optimal solution to this situation could be the launch of a systematic monitoring system for vulnerable businesses. It is proposed that this function be assigned either to the analytical departments of the National Bank of Ukraine (NBU) itself or implemented in partnership with the Ukrainian Chamber of Commerce and Industry (CCI), its specialized committees, the Council on Foreign Economic Activity, and regional chambers, which are institutionally closest to a broad range of small and medium-sized entrepreneurs.