Ukraine's Central Bank Chief Outlines Contingency Plan for Funding and Banking Stability

Address by the Head of the National Bank of Ukraine

According to НБУ: In an address to Forbes Banker, Andrii Pyshnyi, Governor of the National Bank of Ukraine (NBU), detailed the core scenario for external financing and confirmed the existence of a 'Plan B' should international aid face delays. He emphasized the resilience of the banking system, growth in lending, and plans to support key economic sectors. This statement comes as Ukraine navigates significant financial pressures amid ongoing conflict.

Pyshnyi's pre-recorded remarks were made ahead of his official visit to Washington. He stated that Ukraine's 'Plan B' does not involve printing money to cover the budget deficit, underscoring a serious commitment to maintaining the nation's financial stability despite external challenges.

The Governor stressed that the banking system remains robust, liquid, well-capitalized, and profitable. He provided the following key lending growth figures for 2025:

• Net hryvnia business loans increased by 35%;
• Market-rate loans grew by 45%;
• Lending under the 'Affordable Loans 5-7-9%' program rose by 12%.

These trends indicate positive momentum in business financing, which can support broader economic recovery efforts.

Plans for Economic Support

A significant focus is also on bank participation in restoring 1.5 GW of energy capacity. Pyshnyi noted that

“the absolutely unique trait of Ukrainian business is its adaptability. Banks understand this very well, sense this imperative, and can respond to business needs with specific proposals.”

According to the NBU head, the next steps will involve strengthening support for:

• The defense-industrial complex;
• The agricultural sector;
• Small and medium-sized businesses;
• The development of project financing;
• Updating the strategies of state-owned banks.

The NBU will soon update its Strategy for Lending Development, which is also expected to positively impact the financial sector and the overall economy.

The Governor's address, delivered on the eve of critical international negotiations, highlights Ukraine's strategic approach amid uncertainty over foreign financial assistance. The existence of a 'Plan B' demonstrates the country's readiness to adapt to new challenges while preserving financial stability. The growth in lending and active bank involvement in energy restoration could prove vital for future economic recovery, even as external support remains a crucial variable.

In light of these developments, it's essential to consider the broader implications for borrowers, particularly in the mortgage sector. The NBU's recent initiatives signal a shift in financial strategies, which could significantly influence lending practices. For a deeper understanding of how these changes may affect mortgage options and what borrowers can anticipate, explore our coverage on the new mortgage strategy unveiled by the Central Bank.