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NBU Council Relieves from Office Sergii Kholod, Deputy Governor

NBU Council Relieves from Office Sergii Kholod, Deputy Governor

On 31 July 2020, the Council of the National Bank of Ukraine (NBU Council) relieved from Office Sergii Kholod, Deputy Governor of the National Bank of Ukraine (NBU), as of 3 August 2020.

Sergii Kholod has filed his letter of resignation to the NBU Governor Kyrylo Shevchenko. In his position Sergii Kholod was in charge of payment systems and cash circulation areas. 

The Governor thanked him for his work at the NBU, "Thanks to the coordinated team effort, the NBU manages to implement ambitious innovative projects. This covers upgrading NBU System of Electronic Payments to transact country-wide fast payments applying international standards, as well as creating favorable conditions for accessibility of innovative payment instruments for the Ukrainian public, and advancing competition on the payments and fund transfers market. During his time in office at the NBU, Sergii Kholod contributed greatly to these achievements by designing and implementing a comprehensive vision of innovation development prospects for the central bank and the financial sector."

Kyrylo Shevchenko added that the future head of this function should preserve and augment NBU achievements in noncash settlements and optimizing cash circulation in Ukraine.

For reference:

Sergii Kholod started serving as Deputy Governor of the National Bank of Ukraine on 23 July 2018. His mandate was to facilitate development and regulate payment and settlement systems and ensure management of the cash circulation system.

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

  • expanding widespread use of noncash settlements in everyday life of Ukrainian households. Due to numerous NBU initiatives, the share of noncash payments within total card transactions increased from 39% in 2018 to 55% as of today
  • completing optimization and upgrade of the hryvnia banknote and coin series. This was a complex process making the new generation of hryvnia more reliable and secure and cash settlements more convenient for the public and cost-effective for the state
  • launching the new rules of procedure of the System of Electronic Payments in 23/7 mode, meaning the system transacts interbank payments 23 hours a day 7 days a week
  • overall conversing of the banking system to International Bank Account Number (IBAN)
  • fostering development of the NBU’s remote identification system, BankID
  • drafting the concept of the new legal regulation of the domestic payments market and finalizing NBU motions to the new legal framework on implementing PSD2 European Directive
  • creating foundation for building in Ukraine a fully-fledged fintech ecosystem with innovative financial services and accessible digital services.


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