Zelenskyy dissatisfied with the NBU governor: Bloomberg learned the reasons

President of Ukraine Volodymyr Zelenskyy is dissatisfied with the relationship between National Bank of Ukraine chair Andriy Pyshny and the International Monetary Fund in the context of the lender's demands to Kyiv.

According to the publication, Zelenskyy considers Pyshny too close to the IMF and believes that the National Bank is not providing enough support to the economy under wartime conditions. Sources say the president's complaints are linked, in particular, to the regulator's tight monetary policy. At the same time, Bloomberg's interviewees note that Zelenskyy does not plan to dismiss Pyshny for now. The president also does not see an obvious replacement candidate. The National Bank rejected claims of such discussions. 'The questions you raised were not discussed - either in terms of their direct substance or in terms of the consequences they would have,' the National Bank stated. What does the IMF have to do with this? Tension intensified after the lenders approved a new IMF program for 8,1 billion dollars. It envisaged a number of commitments by Ukrainian authorities, including tax increases, which drew criticism domestically. In June, the fund also separately emphasized the importance of preserving the independence of the NBU. In July, the National Bank unexpectedly raised the key policy rate amid accelerating inflation. According to Bloomberg, this also became one of the factors pressuring Pyshny. At the same time, the IMF last month transferred nearly 700 million dollars to Ukraine under the current lending program. The total amount of direct budgetary support from international partners in 2026 year, the NBU estimates at about 54 billion dollars.

We remind that the IMF's Executive Board approved a new tranch for Ukraine in the amount of 690 million dollars after completion of the latest review of the four-year financing program, which opened Kyiv's access to funds immediately after the decision was adopted.