The NBU Council gives a reprimand to Rozhkova and Sologub

UKRAINE - In Brief 05 Oct 2020 by Dmytro Boyarchuk
The NBU Council gave a reprimand and expressed distrust of the First Deputy Head of the NBU Kateryna Rozhkova and the Deputy Head Dmytro Sologub at the NBU Council meeting on October 2nd, according to the NBU Press-Release published today.According to epravda.com.ua the NBU Governor Kyrylo Shevchenko supported the decision.The NBU Council has authority to appoint and dismiss the First Deputy and Deputies of the Head of the NBU. According to Ukrainian labor legislation a reprimand (if repeated) leads to dismissal of employee. It’s not clear if this approach could be applied to top-level officials like the First Deputy Head of the NBU and the Deputy Head. However, the move apparently aims to leverage the respective provision of the Labour Code for the eventual dismissal of Rozhkova and Sologub. This scenario is in line with our initial expectation on Kyrylo Shevchenko. We anticipated the new Governor would take a pause to let the dust settle before removing the rest of the old team. However, we hope Shevchenko will calm down with replacements after he gets a majority at the Board of the NBU. I guess, there is no need to explain how this move will be perceived by the IMF and other observers.

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