In 2019, GlobalMarkets, an international newspaper, declared NBU Governor Yakiv Smolii to be the Central Bank Governor of the Year for Central and Eastern Europe Award.
Making the award, the committee of GlobalMarkets Awards noted the success Governor Smolii had achieved in conducting a consistent monetary policy during a year of significant political changes in the country.
"In countries with less disciplined central banks, Ukraine’s recent election cycle might have disrupted monetary policy. Presidential and parliamentary elections were one of Ukraine’s most dramatic political upheavals in recent memory. While there was certainly incentive for the struggling incumbent to cajole come easing-fuelled economic growth from the National Bank of Ukraine, Governor Yakiv Smolii remained firm, keeping interest rates high to combat inflation," explained a GlobalMarket the choice in favor of Ukrainian central banker in announcing the award results.
"The main task of the NBU is to deliver macroeconomic and financial stability in the country – in spite of global crises, the military conflict that still continues in Ukraine, and this year’s presidential and parliamentary elections," Smolii said. "We were able to maintain stability during a year when significant political changes took place. Several factors made this task easier. These included the carrying out of banking system reform in Ukraine, and the central bank being an independent institution that conducts a monetary policy that is transparent and understandable for stakeholders, and it having a clear vision of where it is going."
Smolii has received his award at the GlobalMarkets Awards Ceremony on 19 October during the IMF/World Bank Annual Meeting.
In early 2019, the NBU won a Transparency Award in the Central Banking Awards organized by the eponymous specialized international magazine for the central bank’s significant achievements in transparency and for building a strong dialogue with stakeholders. The NBU won the award for remaining committed to transparent policies, increasing the amount of publicly available information, and being involved in constant efforts to make information accessible to those who need it in due time since 2014 – despite the difficult situation the country was going through. The award is proof that the NBU is headed in the right direction as it implements its communications strategy. The fact that the international community placed the NBU on a par with the central banks of Sweden, Canada, the Czech Republic, Ireland, and Israel is undoubtedly due recognition of the NBU’s achievements.
For reference:
GlobalMarkets
(formerly known as Emerging Markets) is the newspaper of record at the IMF/World Bank, European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Inter-American Development Bank (IADB) annual meetings. GlobalMarkets is part of the GlobalCapital information resource.
GlobalMarkets Awards
Every year, GlobalMarkets recognizes the achievements of the world’s top finance policymakers by awarding them GlobalMarkets awards.
Awards for Central Bank Governor and Finance Minister of the Year are presented for each region globally. These regions are Central and Eastern Europe, the Caribbean, Middle East and North Africa, Sub-Saharan Africa, South Asia, East Asia Pacific and Latin America. These awards have been designed for policymakers from the developing countries that are facing the biggest challenges.
The main criterion for choosing the best central bank is that the bank is able to deliver financial stability amid economic and political turbulence in the country.
Awards are given every year during the IMF/World Bank annual meetings. In 2018, the Central Bank Governor of the Year for Central and Eastern Europe was Boris Vujčić, the Governor of the Croatian National Bank.
