The National Reforms Council has supported a comprehensive program to develop the financial sector which is aimed at boosting forex reserves by five times by 2020, insurance reserves – by 10 times, accumulated pension funds – by 15 times, and the assets of public collective investment institutions (CIIs) – by 100 times.

"Now the issue depends on the continuation of the implementation of the program, the further extension of our measures to the relevant projects and the improvement of the quality of regulatory and legislative work. A journey of a thousand miles begins with a single step," Deputy Board Chairman of the National Bank of Ukraine (NBU) Vladislav Rashkovan posted on Facebook.

According to the program, inflation will be cut from 24.9% (comparison with 2014) to 5% by 2020, average real credit rates – from 16.7% to 10%, cash in the economy from 18% to 10% with the synchronous increase of cashless payments in the local payment system from 1.2% to 30% and forex reserves will be boosted from $7.3 b8illion to $38.7 billion.

In addition, the retirement savings of the public is planned to be raised from 1% of GDP to 15% of GDP, assets of public CIIs – from 0.1% to 10% of GDP, and insurance saturation from 0.7% of GDP to 7% of GDP.

Rashkovan said that Ukrainian President Petro Poroshenko pointed out the visible results of reforms conducted by the NBU, the National Commission for Securities and the Stock Market, and the national commission for financial service markets regulation to settle the problems of the past, ensure financial stability and build a new infrastructure for the financial market. He asked the members of the National Reforms Council to support future financial sector reforms.