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Photo: imf.org
Lyngman asks not to violate the NBU criteria, developed with the participation of the IMF
Previously, the Board of the National Bank reprimanded and expressed mistrust in Rozhkova and Sologub for violating internal procedures.
The IMF encourages adherence to the National Bank’s governance principles, which have proven its benefits as a regulator. This is stated in the comment of the head of the IMF office in Ukraine, Jost Lyngman, regarding the reprimand of the first deputy director of the NBU Ekaterina Rozhkova and the deputy director of the NBU Dmitry Sologub.
“Ensuring the responsibility of the NBU board should be carried out in accordance with the management principles of the National Bank,” the statement said.
Lyngman recalled that these governance criteria were developed in consultation with IMF specialists during previous Fund-supported programs.
“Its observance has strengthened confidence in the NBU as an independent and professional central bank, providing the National Bank’s policy with more reliability and efficiency,” he emphasized.
The director of the National Bank, Kirill Shevchenko, in an interview with Zerkal Nedeli explained that Rozhkova and Sologub were reprimanded in connection with their violation of the communication strategy and the One Voice policy.
“This means that we, as a team of like-minded people at the NBU, must adhere to a unique position … Considering that individual members of our team violated our communication policy, the NBU Council made a decision,” He said.
According to him, inconsistency in communications creates incorrect expectations among market participants, does not contribute to building confidence in the actions of the central bank and can damage mutual understanding with international partners, in particular with the IMF.
“In general, this is a story of violation of internal procedures and not of political pressure,” Shevchenko added.
As a reminder, the NBU Council reprimanded and expressed distrust in Rozhkova and Sologub on October 2.
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