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NBU Governor Andriy Pyshnyy’s Speech at His Induction by President of Ukraine

NBU Governor Andriy Pyshnyy’s Speech at His Induction by President of Ukraine

Dear Mr President,

Dear Mr Prime Minister, 

Dear colleagues,

Allow me to begin by thanking you, Mr President, and the Verkhovna Rada of Ukraine for trusting me with this important role. I also wish to thank the Armed Forces of Ukraine for the opportunity to hold this meeting in the NBU building, at the heart of Ukraine’s capital, after such an aggressive attack.

During this massive missile barrage, which targeted all Ukrainian cities, I was able to fully comprehend the tremendous responsibility that comes with being NBU Governor. Let me assure you that I will do everything in my power to honor this commitment throughout my term.

I’m grateful to you, Mr President, for emphasizing, time and time again, that macroeconomic stability is now more important than ever. I’m convinced that an institutionally strong, independent NBU is the key to this stability. This is Ukraine’s achievement and a resource that can prime us to pursue unbiased, constructive, honest, and difficult negotiations with our international partners in order to obtain the funding that our country needs today to endure, win, and recover.

Achieving this will be one of our priorities during what we expect will be at least several weeks of work with the IMF mission as we negotiate a suitable outcome. 

I also realize the importance of taking relations, communication, mutual understanding, and dialogue with the government to a new level of quality. We will do our absolute best to make it happen.

I support the policy of anti-crisis management that was pursued by the central bank before my appointment, and I believe that it is currently bearing fruit. We have the situation under control. I’d like to thank the NBU team for the past eight months of stability and professionalism. A sustainable, efficient banking system is an asset and something we can be proud of. 

I therefore believe that building a new dialogue between the NBU and the government will only improve the quality and effectiveness of all monetary measures taken by the NBU to ensure price and banking system stability, and that it will contribute to the implementation of government programs. 

As NBU Governor, my priorities are therefore obvious: macro-financial stability, the effectiveness of macroeconomic policy, constructive negotiations with our international partners, and gaining access to resources that we so desperately need today. 

The year 2023 will be difficult. The total required funding is USD 38 billion. We will work to gain this financing in an effort that all authorities should join. And, of course, another priority is a stable banking system that guarantees that the Ukrainian economy and businesses continue to receive all of the support they require.

Let me also say that under my leadership, the NBU will continue to implement systemic comprehensive reforms to speed up Ukraine’s integration into the EU community. Unfortunately, most of the reforms initiated in peacetime have not been implemented because of the war, which actually determines the general context of all of our actions, decisions, and emotions, as today’s horrendous events have once again demonstrated. 

To ensure the maximum stability of our banking and financial system in wartime, we have put on pause the large-scale, badly needed reforms. I can assure you that as soon as we find the slightest opportunity to resume our reform efforts, which the NBU has always prioritized, we will do so. This is the policy I am committed to pursue. I think this policy is an achievement. I therefore will keep convincing everyone that this achievement is also a resource that fuels public confidence in the central bank, its policy, and the measures it takes. 

Once again, I’d like to thank you for your trust. I assure you that the NBU team has always held the financial frontline and will continue to do so going forward. Believe in us. 

Thank you.

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