G7 ambassadors warned against threats to reforms in Ukraine due to the NBU Chairman resignation

The undermining of the National Bank of Ukraine’s independence could be a huge step backward and lay down the credibility of reforms in Ukraine, putting their support at stake. The “Big Seven” ambassadors’ message, published in response to the resignation of the NBU Head Yakiv Smoliy, stated this.

“The Independent National Bank is a fundamental achievement for Ukraine that has reduced corruption, boosted growth and saved the bankrupt banking sector,” the G7 ambassadors said in a statement on Twitter.

To recap, Yakiv Smoliy applied for voluntary resignation to President Volodymir Zelensky on July 1. Tellingly, he also reported about political pressure on the National Bank of Ukraine which lasted for a long time.

“By resignation, I strive to warn against further attempts to undermine the institutional foundations of the central bank in Ukraine,” he said.

The International Monetary Fund commented on the news with composure, noting the National Bank achievements under Smoliy’s leadership. The international financial organization expects the next head to ensure the NBU independence as well.

Bohdan Marusyak