11th April 2017

Head of Ukraine’s central bank resigns

The Governor of the National Bank of Ukraine, Valeria Gontareva, has announced her resignation, effective from 10th May, 2017, after nearly three years in the post. She made the announcement during a press conference.

In line with the Ukrainian law "On the National Bank of Ukraine", the Governor of the National Bank is relieved of her post by the Verkhovna Rada of Ukraine upon representation from the President of Ukraine, so Ms Gontareva will continue in her post until the parliamentary decision.

Ms Gontareva said: “There will also be no changes to central bank policy. Consistency upon the selected path is key to the success of our country and the support of our international partners. The National Bank will continue with the consistent realisation of the policy you have seen during my tenure as Governor of NBU.”

During her nearly three years in office, the National Bank has succeeded in stabilising the macroeconomic situation, fundamentally transforming the banking sector landscape and building a modern central bank despite war and political instability, deep economic crisis and empty government treasury.

“My mission is complete. First, the country has moved to a flexible exchange rate and implemented the new monetary policy of inflation targeting. Secondly, the banking system has been cleansed of insolvent banks, and its future resilience strengthened. Thirdly, the National Bank has been completely transformed, all the processes have been reset and today our central bank is a strong modern organisation,” she said.