Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Saturday, November 18, 2017

NBU Governor Kubiv says central bank will protect interests of Ukrainians

Protests were held in front of the National Bank of Ukraine last week, with the demonstrators raising questions about interest rate fluctuations, currency speculation and the return of deposits.

NBU Governor Stepan Kubiv explained the conditions under which the bank and he, in his new position, have to operate.

"I have not been responsible for the operation of the banking system for over 20 years. However, I'm fully aware of the responsibility I've now taken on myself. Ukraine's banking and economic systems are undoubtedly facing problems at the moment. We'll discuss these problems with bank staff, as well as with the IMF and European institutions," Kubiv said. "These tasks are protecting banks, by which I mean safeguarding their liquidity, and protecting every single hryvnia held in deposits entrusted to banks. We will do that. Today, we have enough tools for that.

"The National Bank of Ukraine, together with its regional branches, has a lot of funds and property, as well as responsibility. I'm willing to take on that responsibility. Today, financial and banking issues should be addressed by professionals. I require from my deputies, today and in the future, and from department heads, once the IMF mission is gone, competence, responsibility and transparency in decision-making," he said.
Kubiv also told the protesters that the NBU would be open to dialogue with society. "National Bank activities will be transparent and clear for potential investors, creditors and the Ukrainian people."