Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market Development
Technical Assistance Reports, June 13, 2025
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Bibliographic details
- Published: June 13, 2025
- Series: Technical Assistance Reports
- DOI: https://doi.org/10.5089/9798229014243.019
Mission context
- IMF technical assistance mission to enhance Ukraine’s FX derivatives market amid ongoing economic challenges.
- National Bank of Ukraine (NBU) imposed FX restrictions to manage flows, complicating normalization of financial markets.
- Report date: June 13, 2025.
Assessment of enabling conditions
- The mission examined key enabling conditions for FX derivatives markets:
- a robust regulatory framework,
- a range of instruments across maturities,
- well-organized infrastructure,
- heterogeneity in the user base with different risk profiles,
- all supported by effective money and FX operational framework.
- The assessment found that key enabling conditions for FX derivative markets exist.
- Constraints identified:
- business needs for FX derivatives is weak,
- intermediaries remain cautious about FX exposures.
Steps taken and further actions needed
- Some steps have been taken to ease FX restrictions.
- Additional steps need to be anchored on strong and consistent supporting policies, including:
- improving the effectiveness of monetary operations,
- streamlining FX operations.
Policy implications and recommendations
- Reinstate market-based incentives for FX derivative trading by:
- the NBU returning to an inflation-targeting framework supported by exchange rate flexibility.
- Emphasize that commitment to inflation-targeting and exchange rate flexibility augurs well for supporting FX derivatives market development.
Key facts and metadata cited in the report
- Pages: 36
- Series: Technical Assistance Report No. 2025/064
- DOI: https://doi.org/10.5089/9798229014243.019
International Monetary Fund. Monetary and Capital Markets Department "Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market Development", Technical Assistance Reports 2025, 064 (2025), accessed 9/19/2026, https://doi.org/10.5089/9798229014243.019.
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- Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market