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Verkhovna Rada Relieves Kyrylo Shevchenko of His Post as NBU Governor

Verkhovna Rada Relieves Kyrylo Shevchenko of His Post as NBU Governor

On 6 October 2022, the Verkhovna Rada of Ukraine approved Resolution No. 8104, filed by President of Ukraine Volodymyr Zelenskyy, dismissing Kyrylo Shevchenko from his position as Governor of the National Bank of Ukraine.

On 4 October 2022, Kyrylo Shevchenko submitted a letter of resignation to the President of Ukraine.

As previously reported, Kyrylo Shevchenko was appointed NBU Governor on 16 July 2020, making him the eleventh governor of the central bank since Ukraine’s independence.

Under his leadership, the NBU continued to pursue a consistent and predictable monetary policy. The banking system worked transparently and efficiently. The market for nonbank financial services was actively reformed. The payment market was modernized in line with European standards and directives.

Effective work continued with international partners to further implement reforms and raise official funding.

During that time, the NBU:

  • kept Ukraine’s international reserves at a sufficient level, making it possible to support the Ukrainian economy and smooth out uneven foreign aid inflows. Since the breakout of the full-scale war, international reserves have declined by only USD 3 billion. As of 1 September 2022, Ukraine had USD 25.4 billion in international reserves.
  • kept inflation at an adequate level in wartime. Specifically, inflation in August was 23.8%. As early as the beginning of 2021, the NBU was one of the first central banks to start raising their key policy rates. This enabled the NBU to reduce inflation to 10% in early 2022, and has been an important factor in keeping inflation under control. 
  • prepared, in advance, plans for the uninterrupted operation of the banks. Along with the accumulated margin of safety, this effort enabled the banking system to operate without breaks since the earliest, shocking days of the full-scale war. The POS and ATM networks continue to work. Payments continue to be made. The banking system continues to be supplied with cash.
Background information

Before a new NBU Governor is appointed, NBU Governor duties will be performed by NBU First Deputy Governor Kateryna Rozhkova. Under the Law of Ukraine On the National Bank of Ukraine, when an NBU Governor is relieved from their position, the temporary discharge of NBU Governor duties shall be carried out in accordance with the Law of Ukraine On Temporary Discharge of Obligations of Officials Appointed by the President of Ukraine upon Consent of the Verkhovna Rada of Ukraine or by the Verkhovna Rada of Ukraine subject to Nomination by the President of Ukraine.


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