{
  "title": "Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market Development",
  "publication": "Technical Assistance Reports, June 13, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/technical-assistance-reports/issues/2025/06/13/ukraine-technical-assistance-report-foreign-exchange-derivatives-market-development-567694",
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  "summary": "This report overviews the IMF technical assistance mission to enhance Ukraine’s FX derivatives market amidst ongoing economic challenges.",
  "sections": [
    {
      "heading": "Mission context",
      "content": "- IMF technical assistance mission to enhance Ukraine’s FX derivatives market amid ongoing economic challenges.\n- National Bank of Ukraine (NBU) imposed FX restrictions to manage flows, complicating normalization of financial markets.\n- Report date: June 13, 2025."
    },
    {
      "heading": "Assessment of enabling conditions",
      "content": "- The mission examined key enabling conditions for FX derivatives markets:\n  - a robust regulatory framework,\n  - a range of instruments across maturities,\n  - well-organized infrastructure,\n  - heterogeneity in the user base with different risk profiles,\n  - all supported by effective money and FX operational framework.\n- The assessment found that key enabling conditions for FX derivative markets exist.\n- Constraints identified:\n  - business needs for FX derivatives is weak,\n  - intermediaries remain cautious about FX exposures."
    },
    {
      "heading": "Steps taken and further actions needed",
      "content": "- Some steps have been taken to ease FX restrictions.\n- Additional steps need to be anchored on strong and consistent supporting policies, including:\n  - improving the effectiveness of monetary operations,\n  - streamlining FX operations."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Reinstate market-based incentives for FX derivative trading by:\n  - the NBU returning to an inflation-targeting framework supported by exchange rate flexibility.\n- Emphasize that commitment to inflation-targeting and exchange rate flexibility augurs well for supporting FX derivatives market development."
    },
    {
      "heading": "Key facts and metadata cited in the report",
      "content": "- Pages: 36\n- Series: Technical Assistance Report No. 2025/064\n- DOI: https://doi.org/10.5089/9798229014243.019\n\nInternational 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.\n\n---\n\n Content in this bundle\n\n- Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market\n  - Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/technical-assistance-reports/issues/2025/06/13/ukraine-technical-assistance-report-foreign-exchange-derivatives-market-development-567694"
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    "Published: June 13, 2025",
    "Series: Technical Assistance Reports",
    "DOI: https://doi.org/10.5089/9798229014243.019",
    "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.",
    "The mission examined key enabling conditions for FX derivatives markets:",
    "The assessment found that key enabling conditions for FX derivative markets exist.",
    "Constraints identified:",
    "Some steps have been taken to ease FX restrictions.",
    "Additional steps need to be anchored on strong and consistent supporting policies, including:",
    "Reinstate market-based incentives for FX derivative trading by:",
    "Emphasize that commitment to inflation-targeting and exchange rate flexibility augurs well for supporting FX derivatives market development.",
    "Pages: 36",
    "Series: Technical Assistance Report No. 2025/064",
    "DOI: https://doi.org/10.5089/9798229014243.019",
    "**Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market**"
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