before the fall of the soviet union during the times of period of reconstruction, the national bank of ukraine was a republican branch of the central bank of the ussr, while there were registered number of banks with various status. there were over 15 banks of ministerial status, over 20 banks of state/cooperative institutions, moscow banks in ukraine, banks with state status. officially, the national bank of ukraine acted as the central bank of ukraine since early 1991. like institutions of many newly independent nations, it faced dire financial straits during the 1990s, leading to a prolonged period of hyperinflation.