Ukraine central bank governor resigns due to health problems

5 October 2022, 12:23 PM
Kyrylo Shevchenko (Photo:Kyrylo Shevchenko / Facebook)

Kyrylo Shevchenko (Photo:Kyrylo Shevchenko / Facebook)

Kyrylo Shevchenko, the head of the National Bank of Ukraine, announced his resignation on Facebook on Oct. 4, saying that he had taken this decision due to health problems.

"Friends, for health reasons, which I cannot continue to ignore, I have made a difficult decision for myself,” he wrote.

“I am leaving the post of the head of the National Bank of Ukraine.”

Shevchenko said that he had already appealed to President Volodymyr Zelenskyy with a request to accept his resignation.

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Shevchenko listed the NBU’s accomplishments in his post, stating that, since the beginning of the full-scale war, the National Bank has:

  • ensured the smooth operation of the financial system;
  • prevented panic in the foreign exchange market;
  • stopped the large-scale outflow of capital to protect reserves;
  • kept inflation at an adequate level during the war;
  • lent a hand to the state budget, understanding the difficulties in raising funds during the war.

"Additionally, I would like to emphasize our efforts in the diplomatic sphere – on the one hand, we have intensified the mechanisms of international financial assistance to Ukraine, on the other hand, we have initiated a number of decisions at the international level that have weakened the aggressor's economy," Shevchenko added.

The Ukrainian parliament will accept Shevchenko's resignation this week, opposition party Golos MP Yaroslav Zheleznyak said on his Telegram channel.

Shevchenko was appointed head of the NBU on July 16, 2020. Prior to that, he headed Ukrgasbank.

Talks about the possible resignation of the central bank governor began in mid-summer 2021. At the time, 30% of the NBU’s top managers were dismissed. Shevchenko called this wave of dismissals from the NBU "an attempt to exert political pressure" on the regulator.

In October 2021, Bloomberg reported that President Zelenskyy was dissatisfied with the performance of the NBU governor and the head of the President's Office, Andriy Yermak, was looking for a replacement for Shevchenko.

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