Head of National Bank of Ukraine resigns

RUSSIA / FSU POLITICS - In Brief 02 Jul 2020 by Alex Teddy
On July 1 Yakiv Smolii tendered his resignation as head of the National Bank of Ukraine (NBU). He said it was because he was being prevented from doing his job effectively. Smolii lamented that the bank's independence is under threat from political pressure. NBU is the country's central bank. Commentators are worried by this. Some have predicted a rise in inflation and currency devaluation in the wake of Smolii's resignation. The Ukrainian Parliament might want to start quantitative easing. This could be presented as bolstering the economy. Ukraine has struggled to create robust financial institutions. In recent years it appeared to have succeeded. But this is fragile. People fear a return to the hyperinflation of the 1990s.

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