The Head of the NBU submitted a resignation letter

UKRAINE - In Brief 01 Jul 2020 by Dmytro Boyarchuk
The Head of the NBU, Yakiv Smoliy, submitted a resignation letter to the President of Ukraine, according to the NBU web-site. Political pressure on the NBU impedes effective functioning of the Central bank stated at the press-release. Attempts of the NBU Council to block re-appointment of Oleg Churiy, the Deputy Head of the NBU (the NBU Council approves deputies), probably, was the last drop for Smoliy. Previously, Parliamentary Committee on Finance, Tax and Customs Policy delivered a very critical resolution on the NBU performance. Many political forces, including top-management of the country, harshly criticize current management of the NBU. One can hardly find any logic in that critique, just the desire to take monetary authorities under control. And it’s not only about oligarch Ihor Kolomoyskiy, but also about many other influential players. Pro-Russian political forces are among those who aggressively attacked the NBU. It's very unfortunate, because the NBU was the stronghold which, among others, secured smooth developments under COVID-19 crisis. If president Zelenskiy accepts the resignation, we will face turbulent times. I still hope Yakiv Smoliy is trying to demonstrate how strong will be reaction to replacements at the NBU. No doubt, already today the IMF, the World Bank, the EU ambassadors will give their reaction. Very likely we will see also response of the FX market tomorrow. But, unfortunately, Zelenskiy has surrounded himself with quite poor advisors, eager to overtake control over the Central bank.

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