TOP-5 what business expects from the new NBU Governor

07/ 10/ 2022

Today, the Verkhovna Rada of Ukraine voted to appoint Andrii Pyshnyi as the Governor of the National Bank of Ukraine. Anna Derevyanko. EBA Executive Director. On behalf of the EBA business community, I congratulate the new NBU Governor on his appointment! It is really a very responsible task and a great challenge to lead such a structure - especially in such a difficult time for the country. We hope that the macroeconomic and financial situation will remain stable in the country, inflation will be manageable, and the exchange rate policy will be predictable. At the same time, for its part, the community is counting on a regular dialogue with the new Governor. Thus, the European Business Association has published 5 priority steps that businesses expect from the new Governor of the NBU. The first is to preserve the NBUs institutional independence, without interference in the policy of the regulator and without rolling back the reforms initiated in the financial sector. The second is to ensure the recovery and development of the Ukrainian economy, meaning the preservation of macroeconomic stability, and the continuation of a consistent monetary policy. Thus, the situation with the military aggression of the russian federation and the coronavirus demonstrated that the financial and banking system, particularly, is well prepared. A transparent, stable, and competitive financial sector is an important component of the countrys economic growth. The third is gradual balanced currency liberalization, maintaining a stable position in the community of European central banks, achieved by the previous team. The fourth is the continuation of European integration, particularly, harmonization with the European financial and banking system. The fifth is the continuation of open dialogue and consideration of business needs when updating regulatory and legislative norms. At the same time, the business community thanks Kyrylo Shevchenko for consistent and predictable monetary policy, and open dialogue with business, especially in these difficult times. Thanks to the balanced and far-sighted working strategy of the NBU, it was possible to ensure the conditions for maintaining macroeconomic stability. Since the very beginning of the full-scale war, despite the severe challenges associated with the loss of territories and GDP, migration and labor crises, logistical problems, etc., the Ukrainian banking system has been working stably, the level of international reserves of Ukraine makes it possible to support the economy, and the level of inflation is not catastrophic even after seven months of martial law throughout Ukraine. At the same time, under the leadership[ of Kyrylo Shevchenko, the NBU fulfilled the conditions of the IMF in a timely manner. Separately, it is worth noting the fact that despite the extraordinary circumstances, the National Bank did not slow down the work on the key areas of reforms. Thus, the legislation regulating the activities of non-banking financial institutions has been updated and streamlined; the standards of the payment market are constantly approaching European standards, thanks to the implementation of EU norms and directives, and the banking system works transparently and efficiently.

Today, the Verkhovna Rada of Ukraine voted to appoint Andrii Pyshnyi as the Governor of the National Bank of Ukraine.

Anna Derevyanko EBA Executive Director

On behalf of the EBA business community, I congratulate the new NBU Governor on his appointment! It is really a very responsible task and a great challenge to lead such a structure - especially in such a difficult time for the country. We hope that the macroeconomic and financial situation will remain stable in the country, inflation will be manageable, and the exchange rate policy will be predictable. At the same time, for its part, the community is counting on a regular dialogue with the new Governor.

Thus, the European Business Association has published 5 priority steps that businesses expect from the new Governor of the NBU.

The first is to preserve the NBU’s institutional independence, without interference in the policy of the regulator and without rolling back the reforms initiated in the financial sector.

The second is to ensure the recovery and development of the Ukrainian economy, meaning the preservation of macroeconomic stability, and the continuation of a consistent monetary policy. Thus, the situation with the military aggression of the russian federation and the coronavirus demonstrated that the financial and banking system, particularly, is well prepared. A transparent, stable, and competitive financial sector is an important component of the country’s economic growth.

The third is gradual balanced currency liberalization, maintaining a stable position in the community of European central banks, achieved by the previous team.

The fourth is the continuation of European integration, particularly, harmonization with the European financial and banking system.

The fifth is the continuation of open dialogue and consideration of business needs when updating regulatory and legislative norms.

At the same time, the business community thanks Kyrylo Shevchenko for consistent and predictable monetary policy, and open dialogue with business, especially in these difficult times. Thanks to the balanced and far-sighted working strategy of the NBU, it was possible to ensure the conditions for maintaining macroeconomic stability. Since the very beginning of the full-scale war, despite the severe challenges associated with the loss of territories and GDP, migration and labor crises, logistical problems, etc., the Ukrainian banking system has been working stably, the level of international reserves of Ukraine makes it possible to support the economy, and the level of inflation is not catastrophic even after seven months of martial law throughout Ukraine. At the same time, under the leadership[ of Kyrylo Shevchenko, the NBU fulfilled the conditions of the IMF in a timely manner. Separately, it is worth noting the fact that despite the extraordinary circumstances, the National Bank did not slow down the work on the key areas of reforms. Thus, the legislation regulating the activities of non-banking financial institutions has been updated and streamlined; the standards of the payment market are constantly approaching European standards, thanks to the implementation of EU norms and directives, and the banking system works transparently and efficiently.