BUSINESS NEWS

Ukrainian banks to begin using international IBAN account identification system

The Business Week/UkraineInvest
Tuesday, 08 January 2019 19:36

The National Bank of Ukraine has confirmed that Ukrainian banks will begin using the international IBAN system for account identification beginning in spring 2019.

The move brings the Ukrainian banking system into line with international norms and is designed to help ease international transactions. There will be a transitional period of implementation between the start of April and the end of October 2019.

Ukraine’s banking system has undergone major structural reforms since 2014, with almost 50% of banks closed and a new regulatory framework introduced. This has helped the sector return to profit in 2018 following an extended transition period.  

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