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NBU Council Appoints Sergiy Nikolaychuk NBU Deputy Governor

NBU Council Appoints Sergiy Nikolaychuk NBU Deputy Governor

On 13 July 2021, the Council of the National Bank of Ukraine (NBU Council) appointed Sergiy Nikolaychuk Deputy Governor of the National Bank of Ukraine (NBU).

The NBU Council’s decision came after NBU Governor Kyrylo Shevchenko nominated Sergiy Nikolaychuk to fill this position.

Dmytro Sologub has left this position due to expiration of his term in office and resignation.

“Sergiy Nikolaychuk is an experienced professional with sufficient working practice not only at the NBU, but at the Ministry of Economy and in the financial market. Ha made a major contribution in introducing the financial targeting regime in Ukraine, developing the rule-based decision-making system for the monetary policy, as well as advancing the research function of the central bank. Therefore I am convinced that Sergiy Nikolaychuk, considering his in-depth knowledge and expertise, will not only preserve but also build up the NBU’s achievements in sustaining monetary stability,” said Kyrylo Shevchenko, NBU Governor.

At the same time, the NBU Governor commented on the resignation of Dmytro Sologub. “The established function for ensuring price and financial stability with the goal of contributing to Ukraine’s sustainable economic development has stood the test of coronavirus crisis and has proven to be effective. I am grateful to Dmytro Sologub for his major contribution in the reform implementation.”

Sergiy Nikolaychuk will be responsible for Monetary Stability comprising: the Monetary Policy and Economic Analysis Department, the Statistics and Reporting Department, the Financial Stability Department, the Nonbank Financial Institutions Regulation Methodology Department, and the Office for European Integration and International Programs.

For reference

Sergiy Nikolaychuk

In 2004, Sergiy Nikolaychuk graduated from the Taras Shevchenko National University and was awarded a Master’s Degree in Economics.

In 2008 he presented his dissertation Modelling the Transmission Mechanism of the Monetary Policy in Ukraine and was awarded his PhD in economic sciences (majoring in  08.00.11: Mathematic methods, models, and information technologies in the economy).

2004 – 2019, Sergiy Nikolaychuk worked at the NBU with a starting position of an economist being gradually promoted to the Director of the Monetary Policy and Economic Analysis Department.

September 2019 – April 2020, he was the Deputy Minister at the Ministry of Economic Development, Trade and Agriculture of Ukraine. He was responsible for the analytical support of decisions on the economic policy, macroeconomic forecast, and attracting investment to Ukraine.

Since April 2020, Sergiy Nikolaychuk worked in the position of Head of Macroeconomic Research at the Investment Capital Ukraine (ICU). His responsibilities covered analytical support of the investment decisions on emerging markets and global capital markets, preparing analytical products for the company, as well as drafting respective recommendations for company customers.

Sergiy Nikolaychuk has worked with and since April 2020 has become the research fellow of the Kyiv School of Economics. Also, he is a professor at the Taras Shevchenko National University.

Sergiy Nikolaychuk is the author of a number of research papers on monetary policy, macroeconomic development, and modelling and other respective works in specialized publications.

Dmytro Sologub

Dmytro Sologub’s term in office as Deputy Governor expired on 12 July 2021.

Dmytro Sologub has held the position of the NBU Deputy Governor since 1 March 2015. He was in charge of monetary policy and economic analysis, financial stability, statistics and reporting, European integration and international programs, and nonbank financial institutions regulation.

These are the key NBU achievements of this function during his time in office:

  • inflation targetting regime implemented
  • inlation reduced to one-digit figures and meeting the set targets
  • effective operational design of monetary policy
  • a cycle set for monetary policy decision-making in line with world best practices
  • Financial Stability function introduced and developed, Macroprudential Policy Strategy adopted and implemented
  • the NBU’s analytical capacity strengthened and regular analytical products introduced, in particular, flagship publications - the Inflation Report and the Financial Stability Report
  • a permanent dialogue established with investors and international organizations
  • more statistical information disclosed and access to it regulated
  • a research function built and an international research conference launched.


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