## Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market Development

_Technical Assistance Reports, June 13, 2025_

## Source details

**Canonical URL:** [Ukraine: Technical Assistance Report-Foreign Exchange Derivatives Market Development](https://www.imf.org/en/publications/technical-assistance-reports/issues/2025/06/13/ukraine-technical-assistance-report-foreign-exchange-derivatives-market-development-567694)

## Other formats

- [Markdown version](/en/publications/technical-assistance-reports/issues/2025/06/13/ukraine-technical-assistance-report-foreign-exchange-derivatives-market-development-567694/index.md)
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## Bibliographic details
- Published: June 13, 2025
- Series: Technical Assistance Reports
- DOI: https://doi.org/10.5089/9798229014243.019

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### 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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## Content in this bundle

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_Source: https://www.imf.org/en/publications/technical-assistance-reports/issues/2025/06/13/ukraine-technical-assistance-report-foreign-exchange-derivatives-market-development-567694_