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You're reading: Government must act to bolster confidence in banking sector

How can something as simple as a bank savings account bring about economic reform in Ukraine?

As I spend time here in Kyiv getting to know the savings and spending habits of Ukrainians, I notice there are very big differences with regard to savings compared to most Westerners.

Most Ukrainians I have met are very averse to saving for a rainy day. When I ask why that is the usual response is that the banks cannot be trusted. I often hear Ukrainians tell me about the direct or indirect experience of people depositing their lives’ savings into a bank and then one day see the bank has closed its doors, leaving the depositor with no recourse.

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