Smoliy's dismissal from the NBU has undermined Western trust in Ukraine — Zelenskyy's press secretary
Former presidential press secretary Yulia Mendel stated that the dismissal of Yakiv Smoliy as head of the National Bank of Ukraine in 2020 dealt a serious blow to international partners’ confidence in Ukraine.
According to Mendel, after Ukraine received the first tranche under the IMF program, the authorities effectively undermined one of the key reforms—the independence of the National Bank.
She emphasized that Smoliy was dismissed amid allegations of political pressure, which caused an international scandal and cast doubt on the country’s future reform agenda.
Yakiv Smoliy himself publicly stated that he had resigned due to “systematic political pressure.”
The IMF subsequently separately emphasized the importance of the NBU’s independence and stated that it was under Smoliy’s leadership that Ukraine achieved significant results in ensuring macrofinancial stability.
During Smoliy’s tenure, the National Bank continued banking reforms, a low-inflation policy, and cooperation with Western financial institutions.
In 2020, foreign media and financial experts explicitly warned that Smoliy’s resignation could undermine investor confidence and jeopardize further support for Ukraine from Western partners.
Smoliy recounted how Zelensky hinted at his resignation
Yakov Smoliy, acting head of the National Bank of Ukraine, is not opposed to Ukrainians using cryptocurrency.
