Bank of Lithuania and National Bank of Ukraine sign a Memorandum of Understanding in the field of insurance supervision
During a virtual meeting on 1 June, Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania, and Kyrylo Shevchenko, Governor of the National Bank of Ukraine, signed a Memorandum of Understanding in the field of insurance supervision and discussed other areas of cooperation as well as relevant banking and economic developments.
During the virtual meeting, Governors of the national banks of Lithuania and Ukraine signed a Memorandum of Understanding whereby the central banks agreed to cooperate and exchange information on insurance supervision. The Governors discussed the key priorities and areas of cooperation, including the EU Twinning project “Strengthening the institutional and regulatory capacity of the National Bank of Ukraine to implement the EU–Ukraine Association Agreement”, which is currently implemented by a consortium of the Bank of Lithuania and the National Bank of Poland, cooperation of Ukraine with the International Monetary Fund (IMF) and other relevant economic issues.
The Bank of Lithuania has been cooperating with the National Bank of Ukraine for many years, exchanging expertise and sharing best practices in all areas of central banking: foreign reserve management, banking supervision, financial stability, payments, operational risk management, strategic planning, international cooperation, innovation, etc. The banks organise regular bilateral high-level meetings. Such cooperation is enhanced by the bilateral cooperation agreement on innovation development signed by the central banks in 2018.