Approaches to the Formation of Mandatory Reserves Unified

On 12 June 2026, Resolution of the Board of the National Bank of Ukraine No. 62 was adopted, which unifies the approaches to the formation of mandatory reserves for interbank repo operations.

The changes introduced are aimed at the development of the interbank money market and a more effective impact of the NBU’s policy on the economy due to the intensification of operations on the money market. Furthermore, the changes will bring Ukrainian regulations closer to EU standards.

In particular, the Resolution clarifies the list of funds that are not subject to mandatory reserving. Henceforth, these include funds raised from resident banks in the form of interbank loans and deposits, including funds raised under repo operations under agreements concluded with the participation of a central counterparty on organised capital markets.

This provision applies provided that the funds under such agreements were raised by the central counterparty from another resident bank, which must be confirmed by the relevant repo agreements.

The Resolution enters into force on 10 August 2026.

We will continue to closely monitor further developments in this area and report on them in the future Legal News.