The Oversight Council for Ukrainian Money Market and FX Market Indicators (hereinafter the “Council”) was launched on 18 August 2023. The Council will include not only employees of the central bank, but also external members recommended by the Money Market and FX Market Contact Group. The Council is there to replace the Oversight Committee for Ukrainian Money Market and FX Market Indicators (hereinafter the “Committee”).
The overhaul is taking place as part of an effort to reform and optimize the NBU’s system of committees. After the Council’s formation, the NBU will resume active work to improve the indicators (benchmarks) of the money and FX markets (hereinafter the “Indicators”). This work was suspended at the outbreak of the full-scale war as the NBU’s resources were repurposed to resolve more pressing problems.
The Council’s functions and powers will be similar to those previously discharged by the Committee. The Council is tasked with working out and discussing the issues related to the definition, calculation, and publication of the Indicators. The Council’s objectives include:
- assessment of the Indicators’ representation performance
- definition and adjustment of the Indicators’ methodology
- oversight of the internal control system
- error-handling policy
- review of audit results
- prevention of conflicts of interest
- consideration of claims
- data quality control supervision
- Indicators’ compliance with IOSCO principles.
The Council is an advisory body. Any and all decisions regarding the Indicators are made by the NBU Board.
The Regulation On the Oversight Council for Ukrainian Money Market and FX Market Indicators was approved by NBU Board Decision No. 288–D dated 17 August 2023 and effective 18 August 2023.