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NBU responded to mass dismissal scandal for the first time

The NBU ruled out any centralization of management by one person. Photo: Flickr/NBU

The NBU ruled out any centralization of management by one person. Photo: Flickr/NBU

For the first time the National Bank of Ukraine (NBU) commented on the scandalous situation with the mass dismissals of the heads of a number of the regulator’s departments. The NBU expressed frank bewilderment over the accusations of some of those who quit in the centralization of management, Radio Svoboda reported.

In response to a request from the publication, the regulator’s press service stated that the tasks of the employees who decided to quit had been the preparation and implementation of the decisions taken collectively at the NBU. The National Bank assumed that the situation with mass dismissals may be an attempt to use the regulator's employees to exert political pressure on it.

Also, the NBU questioned the professionalism of the "rebellious" employees. The press service noted that "a sign of professional suitability is the ability to take into account collegial opinion" if the majority took a different position.

"It is important not to confuse the lack of collegiality and the disagreement of the individual participants of the discussion with the decision of the majority. The system of processes and procedures in the NBU excludes sole influence on the activities of the regulator," the press service added.

The NBU noted that the dismissal of the heads of some departments would not affect the central bank's further work. The regulator continued to fulfill its main tasks—regulating the financial market, ensuring the stability of the financial system, and implementing the course for price and financial stability in the country.

Context. On June 30, the management of the full Licensing Department announced that it would stop working at the NBU. The financiers accused the Head of the regulator Kyrylo Shevchenko of this, who, according to them, concentrated all the powers in his hands and extremely centralized the NBU management.

On July 1, for the same reason, Vitalii Vavryshchuk, Director of the Financial Stability Department, decided to leave the National Bank. In the evening of the same day, the Director of the NBU Credit Support Department, Oleh Novakovsky, announced his resignation, who stated about the reestablishment of "soviet practices" in the National Bank.

It may be added that on July 11, Deputy Chairman of the NBU Dmytro Solohub will leave the NBU, who will take the job at the IMF.

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