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Ukraine must maintain independence of National Bank amid governor’s resignation, - IMF

Source : 112 Ukraine

The Fund believes that Ukraine has made important strides in achieving price stability under Yakiv Smoliy’s leadership
14:24, 2 July 2020

National Bank of Ukraine

The International Monetary Fund expects Ukraine to maintain the independence of the National Bank (NBU) following the resignation of governor Yakiv Smoliy, Reuters reports.

According to Smoliy, systematic political pressure made it impossible for him, as the chairman, to fulfill the responsibilities of the National Bank’s leadership and interact with other governmental bodies.

Under his leadership, Ukraine has made important strides in achieving price stability, amply demonstrating that an independent central bank is a key element of modern macroeconomic policymaking,” an IMF spokesman stated.

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

That is the main reason why the independence of the NBU is at the centre of Ukraine’s Fund-supported programme.

As we reported earlier, President of Ukraine Volodymyr Zelensky has submitted a resolution on the removal of Yakiv Smoliy from the position of the Governor of the National Bank of Ukraine to the Ukrainian parliament.

The text of the draft resolution has not been published yet.

It is worth noting that 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: Head of National Bank of Ukraine resigned

 

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