IMF: Independence of National Bank after Smolii’s resignation must be maintained by his successor.

The International Monetary Fund (IMF) states that the independence of the National Bank of Ukraine (NBU) after the resignation of NBU Governor Yakiv Smolii must be maintained under his successor.

"We take note of Central Bank Governor Smoliy’s resignation. Under his leadership, Ukraine has made important strides in achieving price stability, amply demonstrating that an independent central bank is a key element of modern macroeconomic policymaking," reads a statement by the IMF spokesperson.

According to him, "that is why the independence of the NBU is at the center of Ukraine’s Fund-supported program, and why it must be maintained under his successor."

On July 1, NBU Governor Yakiv Smolii submitted a letter of resignation to President Volodymyr Zelensky due to "systematic political pressure".

In turn, the Office of the President of Ukraine assured that the Board of the National Bank will continue its work on the principles of independence and professionalism.

On July 2, President Zelensky tabled in the Verkhovna Rada a motion to dismiss Smolii as NBU governor.

Smolii was appointed NBU governor in March 2018.

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