IMF calling for following NBU governance framework regarding accountability of NBU Board

11:37, 08.10.2020 1 min read

Resident Representative of the International Monetary Fund (IMF) in Ukraine Goesta Ljungman has said that discharging the accountability of the Board of the National Bank of Ukraine (NBU) should follow the NBU governance framework, served the NBU and the Ukrainian economy.

"Discharging the accountability of the NBU Board should follow the NBU governance framework," he said in a statement spread on Thursday in relation to the conflict around two NBU Board members.

Ljungman recalled that this governance framework has been developed in consultation with IMF staff under successive IMF-supported programs.

"The framework has served the NBU – and the Ukrainian economy – well by strengthening the confidence in the NBU as an independent and professional central bank, while improving the credibility and effectiveness of the NBU's policies," he said.

The NBU Council during a meeting on October 2 reprimanded and expressed distrust in First Deputy Governor of the NBU Kateryna Rozhkova and Deputy Governor Dmytro Sologub, accusing them of violation of the NBU regulations, the NBU Employee Ethics Code, internal regulations for NBU employees, and violation of the requirements of the Labor Code of Ukraine.