Ukrainian parliament members are considering a bill to create a bank of Ukraine, which could be a major step towards creating its own banking system.
Ukraine’s new parliament on Tuesday passed a bill calling for the creation of a central bank with the powers to create money and provide financing to businesses, the Kyiv Post reported.
The bill, which was approved by a vote of 78-17, aims to create an institution with the same financial strength and authority as the central bank, which is already the largest in the world, the Post reported .
The bank would be called the Ukrainian National Bank, according to the bill, and it would be tasked with developing new policies to support the economy, finance debt payments and improve business operations, according KyivPost.
The new bank would also have the powers of issuing loans and managing assets, as well as making investments.
The bill passed with the support of a parliamentary majority of 72, and has the support, as Ukraine is the third-largest economy in the European Union.
Ukraine has not yet created its own central bank and it has a large budget deficit.