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Zelensky is increasingly unhappy with Pyschny because of his ties to the IMF...
The President of Ukraine, Volodymyr Zelensky, is increasingly unhappy with the head of the National Bank, Andriy Pyshny, due to his close ties with the International Monetary Fund. According to sources, the head of state believes that the NBU under Pyshny is not sufficiently supporting the Ukrainian economy in wartime.
Bloomberg reports this, citing people familiar with the situation.
According to interviewees, one of Zelensky's main sources of discontent has been the IMF’s demands to meet a number of unpopular conditions in exchange for financial assistance to Ukraine. The president, as sources say, regards Pyshny as too close to the international financial organization.
At the same time, Zelensky does not currently plan to dismiss the head of the NBU. Bloomberg reports that the president also does not see an obvious candidate capable of replacing Pyshny, who has led the central bank since October 2022 year.
The president’s press service declined to comment. The IMF also did not comment on the information.
The National Bank told Bloomberg that the issues raised by the agency were not discussed on the merits or about possible consequences. The NBU stressed that over four years of full-scale war the regulator has ensured price and financial stability, currency market stability, and uninterrupted operation of the banking system.
Meanwhile, several top officials with access to Zelensky express complaints about the NBU’s policy. They believe the regulator does not do enough to support an economy under significant war-time pressure, particularly through maintaining a hard monetary policy.
In response, the NBU notes that bank lending is growing rapidly, and the current period of its development is the longest and most dynamic in the last 17 years.
The tension between Zelensky and the IMF, according to Bloomberg, intensified last winter after the fund approved a new financing program for Ukraine for $8,1 billion. It envisaged Kyiv’s fulfillment of a number of obligations, including tax increases. This demand drew criticism from Ukrainian deputies and citizens.
According to sources, Zelensky was unhappy with concessions to the IMF and blamed several senior officials for them, including Finance Minister Serhiy Marchenko and former deputy prime minister Taras Kachka. The latter was dismissed during government staffing changes last month.
Subsequently, the IMF postponed part of the requirements, while during the last program review in June it emphasized the need to preserve the independence of the National Bank.
Separately, Bloomberg sources reported Zelensky’s dissatisfaction with Pyshny’s public activity. The president, in their words, believes that the head of the NBU’s style resembles that of a politician rather than a technocrat.
Pyshny regularly posts on social networks about meetings with Ukrainian and foreign officials, international donors, and various public initiatives of the National Bank. According to sources, this also angers the president.
At the same time, Ukrainian law provides guarantees of the NBU’s independence and makes it difficult to dismiss its head without legally defined grounds. Pyshny was appointed to the post in October 2022 year, and his powers are due to end in 2029 year.
Last month the National Bank raised the policy rate for the first time since March 2025 year due to accelerating inflation. In April Pyshny stated that the rate is likely to remain at 15% at least until the second quarter of 2027 year.
Against the backdrop of intensified Russian attacks on energy and logistics infrastructure, the NBU faces the task of maintaining the economy’s and financial system’s resilience. At the same time, critics of the regulator believe its policy does not adequately reflect the needs of a wartime economy.
Bloomberg reports that among potential replacement candidates for Pyshny is MP Danilo Hetmanets. His candidacy is reportedly supported by the head of the parliamentary faction “Servant of the People,” David Arakhamia. Another possible contender could be first deputy head of the NBU, Serhiy Nikolaychuk.
Before becoming head of the National Bank, Pyshny led the state-owned Oschadbank. His predecessor, Kyrylo Shevchenko, left the post in October 2022 year, citing health reasons. Later Shevchenko spoke of political pressure on him. He later left Ukraine after anti-corruption authorities brought charges of embezzlement against him. Shevchenko denies guilt and says the case is politically motivated. Zelensky is increasingly unhappy with Pyshny due to his ties to the IMF...
The President of Ukraine Volodymyr Zelensky is increasingly unhappy with the head of the National Bank Andriy Pyshny due to his close ties with the IMF. According to sources, the head of state believes that the NBU under Pyshny is not sufficiently supporting the Ukrainian economy in wartime.
Bloomberg reports this citing people familiar with the situation.
According to agency sources, one of Zelensky’s main sources of discontent was the IMF’s demands to fulfill a number of unpopular conditions in exchange for financial assistance to Ukraine. The president, as sources say, regards Pyshny as too close to the international financial organization.
At the same time, Zelensky does not currently plan to dismiss the head of the NBU. Bloomberg reports that the president also does not see an obvious candidate capable of replacing Pyshny, who has led the central bank since October 2022 year.
The president’s press service declined to comment. The IMF also did not comment on the information.
The National Bank said to Bloomberg that the issues raised by the agency were not discussed on the merits or about possible consequences. The NBU emphasized that in four years of full-scale war the regulator has ensured price and financial stability, currency market stability, and uninterrupted operation of the banking system.
At the same time, several high-ranking officials who have access to Zelensky express complaints about the NBU’s policy. They believe the regulator does not do enough to support an economy under significant war-time pressure, particularly through maintaining a hard monetary policy.
The NBU responds that bank lending is currently growing rapidly, and the current development period is the longest and most dynamic in the last 17 years.
Tensions between Zelensky and the IMF, according to Bloomberg, intensified last winter after the fund approved a new program to finance Ukraine for $8,1 billion. It envisaged Kyiv fulfilling a number of obligations, including tax increases. This demand drew criticism from Ukrainian lawmakers and citizens.
According to agency sources, Zelensky was unhappy with concessions to the IMF and blamed several senior officials, including Finance Minister Serhiy Marchenko and former deputy prime minister Taras Kachka. The latter was dismissed during government personnel changes last month.
Subsequently, the IMF postponed part of the requirements, while during the last program review in June it stressed the need to preserve the independence of the National Bank.
Separately, Bloomberg sources reported Zelensky’s dissatisfaction with Pyshny’s public activity. The president, in their words, believes that the head of the NBU’s style resembles political behavior more than that of a technocrat.
Pyshny regularly posts on social media information about meetings with Ukrainian and foreign officials, international donors, and various public initiatives of the National Bank. This, according to sources, also angers the president.
At the same time, Ukrainian law provides guarantees of the NBU’s independence and makes it difficult to dismiss its head without legally defined grounds. Pyshny was appointed to the post in October 2022 year, and his powers are due to end in 2029 year.
Last month the National Bank, for the first time since March 2025 year, raised the policy rate due to accelerating inflation. In April Pyshny stated that the rate is likely to remain at 15% at least until the second quarter of 2027 year.
Against the backdrop of intensified Russian attacks on energy and logistics infrastructure, the NBU faces the task of maintaining the economy’s and financial system’s resilience. At the same time, critics of the regulator believe its policy does not adequately reflect the needs of the wartime economy.
Bloomberg reports that among potential replacement candidates for Pyshny is MP Daniil Hetmanets. His candidacy, according to sources, is supported by the head of the parliamentary faction “Servant of the People,” Davyd Arakhamia. Another possible contender could be first deputy head of the NBU Serhiy Nikolaychuk.
Before becoming head of the National Bank, Pyshny led the state-owned Oschadbank. His predecessor Kyrylo Shevchenko left the post in October 2022 year, citing health reasons. Later Shevchenko spoke of political pressure on him. He later left Ukraine after anti-corruption authorities brought charges of embezzlement against him. Shevchenko denies guilt and says the case is politically motivated.
Document: PDF proof of the original version of the news item "Зеленський незадоволений Пишним через вимоги МВФ і жорстку політику НБУ – ЗМІ". It records the publication content at the moment of the first scan, the preservation date and the source: Bagnet.
