The banking industry in Ukraine has been beset by conditions so dire—from rampant fraud in its main banks, threats of war to foreign capital flight—that some thought it would never fully recover. Yet with help from international partners, the government, under the leadership of the National Bank of Ukraine, is making impressive strides toward putting its banking sector back on solid, fruitful ground.
Each day, thousands of a bank’s clients will perform financial transactions: making deposits, withdrawals, moving money between bank accounts, etc. Banks must also perform certain daily calculations that are required as part of regulatory compliance, including monitoring assets and reporting key metrics.
After a heavy recession brought on by the military conflict with Russia, Ukraine’s economy and banking system now appear to be firmly on the mend. Indeed, things have improved to such an extent that by the end of May, Moody’s had revised its outlook for Ukrainian banking from negative to stable.