Ukraine’s Central Bank Boss Quits in Shock Move, Citing Pressure
Bloomberg
Published Jul 01, 2020 14:15
Updated Jul 01, 2020 14:45
(Bloomberg) -- The head of Ukraine’s central bank unexpectedly submitted his resignation, citing a systematic campaign of political pressure against him and his colleagues.
Yakiv Smoliy, who was appointed in 2018 and is widely respected by foreign investors, has faced repeated complaints from lawmakers about high interest rates and a strong national currency that damaged exporters.
Some members of President Volodymyr Zelenskiy’s own party have sided with billionaire Igor Kolomoisky’s efforts to overturn the nationalization of the country’s biggest lender, Privatbank, four years ago.
Smoliy, who joined the bank in 2014 after Ukraine toppled its Kremlin-backed leader, has helped tame inflation, keep the hryvnia stable through the Covid-19 pandemic and negotiate Ukraine’s recent $5 billion loan from the International Monetary Fund. Benchmark borrowing costs were cut to a record-low last month.
©2020 Bloomberg L.P.
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