The Council of the National Bank of Ukraine has held the special session, with new members on the Council's panel.

Given the expiration of the term of office of the Chairman of the Council of the National Bank and appointment of its new members, Mr Stanislav Bukovynskyi was elected as the new Chairman of the Council of the National Bank at the special session.

“I will ensure the execution of powers vested in the Council of the National Bank of Ukraine, specifically, with regard to the monetary policy issues, financial reporting, and other issues within the mandate of the Council of the National Bank determined by the Law of Ukraine “On the National Bank of Ukraine” and the Constitution,” said Mr Stanislav Bukovynskyi.

During the special session, the Council of the National Bank of Ukraine approved the appointment of Mr Volodymyr Krotiuk as First Deputy Governor of the National Bank of Ukraine and dismissal of Mr Borys Prykhodko from this post and his appointment as Deputy Governor of the National Bank of Ukraine. The Council of the National Bank of Ukraine also endorsed the dismissal of Mr Tkachenko from the post of Deputy Governor of the National Bank of Ukraine. 

In addition, the Council of the National Bank of Ukraine made the decision to set up the Audit Committee of the National Bank of Ukraine, which will exercise supervision over the credibility and performance of the system of internal control, the completeness and reliability of financial statements, independence of external and internal audit, the compliance with the Ukrainian legislation, and the efficiency of risk management.

The Audit Committee, which is directly subordinate to the Council of the National Bank of Ukraine, is made up of three persons – Professor Iryna Lukyanenko, PhD in economics, and the members of the Council of the National Bank of Ukraine Olha Kandybka and Ihor Liutyi.

The Regulation on the Audit Committee of the Council of the National Bank of Ukraine that had been developed with taking into account the requirements of the International Standards for the Professional Practice of Internal Auditing (Standards) was approved at the session.

The regular session of the Council of the National Bank of Ukraine has been scheduled on April 24, 2014. Among other things, the status of implementation of the monetary policy in 2013 will be on the agenda at the session.

On April 1, 2014, the Verkhovna Rada of Ukraine passed Resolution No. 4616 “On the Appointment of the Members of the Council of the National Bank of Ukraine”, by virtue whereof Oleksandr Bilanenko, Stanislav Bukovynskyi, Olha Kandybka, Trokhym Kovalchuk, Vitalii Lomakovych, and Ihor Liutyi were appointed as members of the Council of the National Bank of Ukraine in early April.