Ukraine will fill three out of nine vacant positions in the Council of the National Bank of Ukraine (NBU) by the end of April next year, as indicated in the updated Memorandum on Economic and Financial Policy following the 6th review of Ukraine's EFF program with the International Monetary Fund (IMF).
"We will continue to work with IMF staff on developing and implementing amendments to the NBU law aimed at establishing proper criteria for Council selection, strengthening guarantees of financial independence, clearly defining the conditions for counterparties to access refinancing operations and emergency liquidity assistance, and further enhancing the NBU's status as a secured lender," the memorandum published on the Ministry of Finance's website states.
"We will ensure that the vacant positions in the NBU Council are filled by the end of April 2025," the document also mentions.
Earlier, this fall, the head of the central bank, Andriy Pyshnyy, assessed the work of the NBU Council as effective, despite the absence of three out of its nine members.
The National Bank Council consists of nine members: four are appointed by the president, four by the Verkhovna Rada, and the head of the NBU. Currently, Igor Veremiy and Vasyl Furman have been appointed by the president (in June and November 2022), while Vasyl Horbal (in September 2020), Anatoliy Barsukov, and Yelena Shcherbakova (in December 2022) were appointed by the Verkhovna Rada.