An expert explains how the surrounding situation with Pyshnyy threatens the independence of the NBU

The situation around the National Bank of Ukraine and the possible dismissal of its head Andriy Pyshnyy could create risks to the regulator's independence.

According to the expert, individual members of parliament, public figures, and journalists are using public attention to investigative actions to push initiatives for the removal of the NBU governor. “The political pressure scheme is already tested and looks extremely dangerous,” noted Zaharodnyi. He suggests that such initiatives could negatively affect the independence of the National Bank and the country's financial stability, especially during the war. Also read: Pyshnyy stated that he is not resigning and complained about political pressure. According to the expert, the mere fact of conducting investigative actions should not be sufficient grounds for personnel decisions until guilt is established in accordance with the law. In addition, Zaharodnyi recalled criminal proceedings against the director of NABU that were previously closed. In his view, the circumstances of these decisions also raise questions. Also read: “They looked for evidence in another case”: Pyshnyy stated that the NABU searches did not concern his work at the NBU. Commenting on the situation, the expert expressed concern about the possible use of law enforcement processes in political competition. “The Pyshnyy case is another alarming signal that NABU has become an instrument of political power division,” Zaharodnyi said.

Earlier we wrote that the EU ambassador reacted to statements about pressure on Pyshnyy. She noted that “the independence of the NBU is a key element of sovereignty.”