The Head of the Central Bank Kyrylo Shevchenko resigns amid corruption charges filed

UKRAINE - In Brief 06 Oct 2022 by Dmytro Boyarchuk
On October 4th late in the evening there came out shocking news. The Head of the NBU Kyrylo Shevchenko decided to resign "due to health reasons". This move was really surprising and rumors spread that the Chief of Staff Andriy Yermak finally managed to promote for this post his protégé Andriy Pyshnyy. Still after the very good performance of the NBU through the war months it was unclear what might have served as the reason for removing Shevchenko from his position. Today the answer came to the public. The National Anti-Corruption Bureau brought charges of corruption against Kyrylo Shevchenko for his activities in state-owned Ukrgazbank. Allegedly the case was filed against Kyrylo Shevchenko a long time ago, and Zelenskiy was perfectly aware of that fact but the anti-corruption vertical was non-functional due to the absent Anti-Corruption prosecutor, and Kyrylo Shevchenko was appointed to lead the NBU despite this investigation. In July the Head of Special Anti-Corruption Prosecutors Office was appointed, and the case against Kyrylo Shevchenko, as we see, received a push. Who will replace Kyrylo Shevchenko? All commentators point to Andriy Pyshnyy since he is a close friend of Yermak. How might that affect monetary policy? The President's Office wants more cash both for the budget needs and for reviving the economy. The new Head of the NBU likely will be requested to deal with that. This means that we might see extra hryvnia printing to please the President's Office.

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