USUBC STATEMENT ON ON RESIGNATION BY GOVERNOR OF NATIONAL BANK OF UKRAINE, YAKIV SMOLIY
U.S.-Ukraine Business Council (USUBC),
Wash, D.C., July 02, Thu, 2020
The international private business community is very surprised and deeply concerned by the resignation of Yakiv Smoliy as the head of the NBU. This resignation comes on top of several other unexpected and disruptive changes in the Government of Ukraine in 2020. The private business community believes that Smoliy has done an outstanding job and has helped provide macro stability, lower inflation rates, declining interest rates, a stable currency and increased FX reserves.
Private business leaders were against recently reported recent efforts to bring pressure from a variety of sources on the NBU and believe it is extremely important for the NBU to be independent institution. The Smoliy resignation does nothing to improve the view of private business, investors, financial institutions, IFI's and others in doing business or supporting Ukraine...quite the opposite. Private business leaders need more very strong positive signals from Ukraine..not more negative ones.
The President of Ukraine needs to immediatly provide the aggressive, strategic leadership necessary to take control and move strongly to stop the string of major negative events that have taken place in recent weeks in regards to the private business business community and get Ukraine back on the right track to build a strong economy and attract investors which the people of Ukraine elected him to do.