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G7 ambassadors react to resignation of Ukraine’s National Bank’s head

Source : 112 Ukraine

If the independence of the financial regulator is undermined, support for Ukraine may be ceased
10:46, 2 July 2020

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The ambassadors of the G7 states, commenting on the news that the Governor of the National Bank of Ukraine Yakiv Smoliy is resigning, pointed to the threat of undermining the independence of the financial regulator. This is stated on the Twitter page of the U.S. Presidency of the G7 Ambassadors’ Support Group in Kyiv.

An independent National Bank is a foundational achievement for Ukraine that has reduced corruption, driven growth & rescued a failed banking sector. To undermine this crucial institution would be a big step back and jeopardize the credibility of and support for Ukraine‘s reforms,” the message reads.

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The G7 ambassadors consider the independence of the National Bank to be a fundamental achievement for Ukraine. According to them, the institution has made it possible to reduce corruption, save the bankrupt banking sector and promote its growth.

As we reported earlier, the head of the National Bank of Ukraine (NBU) Yakiv Smoliy wrote and submitted a letter of resignation of his own free will to President of Ukraine Volodymyr Zelensky yesterday, on June 1.

Related: Ukraine should carry on with reforms to get EU macrofinancial aid, - official

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