11:06 26.10.2020

First deputy NBU governor Rozhkova, deputy NBU governor Sologub criticize re-distribution of powers at NBU

2 min read
First deputy NBU governor Rozhkova, deputy NBU governor Sologub criticize re-distribution of powers at NBU

First Deputy Governor of the National Bank of Ukraine (NBU) Kateryna Rozhkova has criticized the decision of the National Bank Board to redistribute powers at the NBU, which, in particular, reduced her vertical of subordination, since such a decision destroys team-spirit and joint management.

"I provide my personal comment on the decision to redistribute powers at the NBU. Dmytro [Sologub, NBU Deputy Governor] did not support this decision. Firstly, this approach does not correspond to the best world practices. Secondly, it not only creates threats to making the regulator truly impartial, but also destroys collegiality," she wrote on Facebook on Monday.

"Quiet period is over. Time to comment. Kateryna [Rozhkova] and I did vote against. I noted in protocol that it might hamper IMF cooperation. It was done in murky and non-transparent way and goes against main principles of the NBU org [organization] structure laid down back in 14-15 jointly with IMF," Sologub wrote on Twitter.

Rozhkova said that the decision also does not comply with the principles of independence, which were laid in the basis for the transformation of the National Bank in 2014-2015, carried out, in particular, taking into account the requirements of the International Monetary Fund (IMF).

"This is the case when the unbearable thirst for innovation does not take into account global practices. The renewed team wants to do something completely new and unconventional," she added.

Rozhkova also said that she will continue working.

"Btw, to preempt the discussion on violation of one voice policy, I’d like to note that the NBU comm strategy authorizes strategic speakers to express their individual views on key policy issues, which is in line with best international practices," Sologub said.

As reported, the Board of the NBU at a meeting on October 20 made a decision to change the organizational structure of the central bank, including narrowing the vertical of subordination of Rozhkova.

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