Smolii on his resignation: It is a protest, a signal and a ‘red line’

Smolii on his resignation: It is a protest, a signal and a ‘red line’

Governor of the National Bank of Ukraine Yakiv Smolii has stressed that his resignation is a caution and a warning against attempts to undermine the institutional foundations of the NBU.

"Does my resignation mean that the NBU's independence has been broken? No, it does not. It is a protest, a signal, a warning, a red line. By resigning, I aim to warn against further attempts to undermine the institutional foundations of the central bank of Ukraine," Smolii said in the Verkhovna Rada on July 3, an Ukrinform correspondent reports.

Currently, the bank's board and employees continue working at the NBU in order to "maintain macroeconomic and financial stability," he added. "However, it is extremely important to stop hinder their work. The President, the Government and politicians finally should establish effective cooperation with the central bank," Smolii said.

According to him, systematic political pressure has been exerted on the NBU for a long time with a view to making "economically unreasonable" decisions that "may cost the Ukrainian economy dearly" in the long run.

"Pressure through the courts, funded rallies near the bank and the homes of board members. Information attacks based on manipulation and lies. Unfounded political assessments of the NBU policy and my activity as the head of the institution. Using the NBU board to create corporate conflict within the institution. These are the elements of one chain," Smolii emphasized.

As reported, on July 1, Governor of the National Bank of Ukraine Yakiv Smolii filed a letter of resignation to the President due to "systematic political pressure."

In turn, the President's Office assured that the NBU board would continue its activities on the basis of independence and professionalism, adding that "ensuring the independence of the National Bank of Ukraine remains an unconditional priority."

On Thursday, July 2, President Volodymyr Zelensky submitted to the Verkhovna Rada a motion to dismiss Smolii from the post of NBU governor.

The Verkhovna Rada Committee on Finance, Tax and Customs Policy supported the draft resolution on the dismissal of Smolii.


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