International investors call on Zelensky to start effective dialogue with NBU
The text of a joint statement of the business community has been posted on the website of the the American Chamber of Commerce in Ukraine.
“The business community united by, the European Business Association, the Forum for Leading International Financial Institutions, the Independent Association of Banks of Ukraine, and the Union of Ukrainian Entrepreneurs, is deeply concerned about the resignation of the National Bank's (NBU) Governor Yakiv Smolii, future independence of the National Bank and the continuation of the IMF program,” reads the statement.
Business representatives noted that among the highest priorities for Ukraine is “ensuring macroeconomic stability, an independent central bank, and continued cooperation with the IMF to speed up economic growth”.
“A strong and independent National Bank is a powerful signal of trust for foreign investors who are eyeing Ukraine, for companies who already invested billions of dollars and created thousands of jobs, as well as for international partners who provide financial support to keep the economy running,” reads the statement.
The business community stresses that the resignation of Yakiv Smolii due to political pressure “sends the wrong message to the business and investment communities and questions the Government's laudable economic goals and the President's commitments to protecting every investor in Ukraine.”
In particular, some investors have already put new investments on hold, as the decisions of the Ukrainian government do not correspond with their intentions to attract FDI, business representatives explained.
Thus, the business community calls on President Zelensky to “start the effective dialogue with the central bank and allow the NBU to perform its tasks under the Constitution of Ukraine and the Law of Ukraine ‘On the National Bank of Ukraine’”.
In the joint statement, the business community calls on the need to “stop putting pressure on the NBU team and keep the full members of the NBU Board to continue its work in order to preserve macrofinancial stability and institutional capacity of the National Bank of Ukraine”.
In addition, in case of Smolii's resignation, a new candidate should have “a stellar reputation” to serve as NBU Governor, who will maintain its independence and continue its current trajectory, including monetary policy, commitment to macroeconomic stability, and inflation targeting.
As Ukrinform reported, on July 1, NBU Governor Yakiv Smolii submitted a letter of resignation to President Volodymyr Zelensky due to "systematic political pressure".
On July 2, President Zelensky tabled in the Verkhovna Rada a motion to dismiss Smolii as NBU governor.
iy
