Zelenskyy Dissatisfied with NBU Governor Pyshnyy’s Policies – Bloomberg
Ukrainian President Volodymyr Zelenskyy has expressed dissatisfaction with the performance of National Bank of Ukraine Governor Andriy Pyshnyy. According to Bloomberg, the source of tension is the NBU head’s overly close cooperation with the International Monetary Fund and, in the opinion of the Office of the President, insufficient support for the war economy due to the regulator’s tight monetary policy.
This dissatisfaction intensified following the approval of a new $8.1 billion IMF loan program, which required the fulfillment of a number of unpopular conditions, including tax increases. An additional source of disagreement was the National Bank’s sudden increase in the discount rate in July amid accelerating inflation.
Despite these grievances, sources note that Zelenskyy currently has no plans to dismiss Pyshnyy from his post, as he does not see a strong alternative candidate to replace him. At the same time, the National Bank itself denies that such discussions have taken place and emphasizes the effectiveness of its policies aimed at ensuring financial and price stability in the country.
This was reported by Bloomberg.
The National Bank of Ukraine has decided to raise the discount rate to 15.5%. The regulator adjusted the rate as part of its monetary policy to influence inflationary trends and maintain economic stability.
The National Bank of Ukraine plans to simplify the process of opening bank accounts.
