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A little wonder, every day

How the NBU became the central bank

Exterior of the National Bank of Ukraine, photographed in 2005; institutional context, not a photograph of its 1991 founding.

Exterior of the National Bank of Ukraine, photographed in 2005; institutional context, not a photograph of its 1991 founding.

On March 20, 1991, the Law on Banks and Banking provided the legal basis for establishing the National Bank of Ukraine. It was formed from the Ukrainian republican branch of the USSR State Bank and given the status of the central issuing bank. Its role changed from part of a union-wide system to the center of Ukraine’s own banking system. [1, 2]

The law established a two-tier model: the NBU at the first tier and other banks at the second. A central bank and a bank where a person opens an account for everyday payments perform different roles. Their shared word bank should not obscure that distinction. [1, 2]