President Volodymyr Zelenskyy had theoretically considered replacing National Bank of Ukraine Governor Andriy Pyshnyy, but as of now there are no signs that preparations are underway for his dismissal. LB.ua sources in government circles said this.
Bloomberg was the first to report on the president’s dissatisfaction with the NBU governor. According to the agency, Zelenskyy considers Pyshnyy “too close” to the International Monetary Fund, which anonymous sources identified as the main reason for the president’s irritation. Tensions between the Ukrainian authorities and the IMF began to grow in winter, when the lender approved $8.1 billion in financing in exchange for Ukraine fulfilling a number of commitments, including the unpopular decision to raise taxes. The Fund later allowed the tax decision to be postponed.
The president is also reportedly dissatisfied with the regulator’s efforts to support the wartime economy. Bloomberg journalists also cited Andriy Pyshnyy’s public activities, which could be interpreted as political, among the reasons for Zelenskyy’s dissatisfaction.
The president does not currently plan to dismiss Pyshnyy, Bloomberg sources said. Zelenskyy does not have a strong candidate capable of replacing the incumbent governor.
“The issues you raised were not discussed — either substantively or in terms of their consequences. Over the four years of the full-scale war, the NBU has demonstrated its effectiveness across each of its mandates: ensuring price stability, maintaining a stable foreign exchange market and high confidence in the national currency, preserving financial stability and ensuring the uninterrupted operation of the banking system,” the NBU told Bloomberg News.
LB.ua sources also said there were no signs of preparations to dismiss the NBU governor. “There is no replacement for him at the moment, and there cannot be one,” one source said.
According to Bloomberg, Servant of the People faction leader Davyd Arakhamiya promoted the idea of replacing Pyshnyy with fellow party member Danylo Hetmantsev, chairman of the parliamentary tax committee. Another candidate mentioned by the agency’s sources was Serhii Nikolaychuk, First Deputy Governor of the NBU.
“But they say Hetmantsev really goes around telling everyone that he will supposedly be the next head of the National Bank,” one LB.ua source commented.
Hetmantsev himself, commenting on Bloomberg’s report, said he did not meet the requirements established for the governor of the National Bank of Ukraine.
The governor of the National Bank is appointed by the Verkhovna Rada upon the president’s nomination for a seven-year term. Under Ukrainian law, the governor must be a Ukrainian citizen permanently residing in Ukraine, have a higher education or academic degree in economics or finance, and meet a number of professional and legal requirements, including at least 10 years of relevant experience.
A person cannot serve as NBU governor if they hold a representative mandate, are or have been the head of a state body or certain other positions without the required one-year cooling-off period, are a civil servant, lead or sit on the governing body of a political party, or are an employee or governing-body member of a legal entity.
Andriy Pyshnyy became NBU governor in October 2022. He has worked in banking since 2000, beginning as head of the legal department at Oschadbank. In 2014, he became chairman of the bank’s management board and remained in the position until 2020.