12:56 10.04.2017

National Bank of Ukraine chief submits resignation from May 10 at own will

2 min read
National Bank of Ukraine chief submits resignation from May 10 at own will

The National Bank of Ukraine (NBU) chief Valeriya Gontareva has submitted her resignation from May 10 to Ukrainian President Petro Poroshenko of her own will, other changes to the management of the NBU are not currently planned.

"I submitted an official resignation to the President," Gontareva said at a press conference in Kyiv on Monday.

"If the Verkhovna Rada votes for me to resign earlier, I will go earlier," the NBU chief said.

Gontareva said she hoped the president accepts her resignation.

"I trust that my successor will be someone who is professional and independent of political trends," she said.

Her departure marks the first time Ukraine's central bank chief has stepped down for other than political reasons, Gontareva said.

No other changes in the NBU's management are planned in connection with her resignation, she said. The NBU will maintain the same policy that she pursued during her tenure.

"A floating exchange rate, inflation targeting, a modern central bank: everything that my team and I fought for so long, remains unchanged," she said.

Gontareva pointed out that she came to the NBU in order to carry out reforms. She had not planned to stay on so long initially, but felt she could not abandon reform of the banking system at such a critical time.

The main achievement during her tenure was to provide for macrofinancial stability, the transition to a flexible exchange rate, and introduction of new monetary policy - inflation targeting - cleaning up and strengthening banking sector stability and carrying out a complete overhaul of the central bank. Successful cooperation with the IMF and other international creditors made it possible to increase FX reserves to $16.7 billion, Gontareva said.

"I believe that my mission was entirely fulfilled: the reforms were made," she said.

Gontareva said she was ready to report on her activities as NBU chief at a full session of the Verkhovna Rada.

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