Head of the National Bank of Ukraine Recognized as the Best Central Bank Chief Worldwide

The renowned financial publication The Banker has acknowledged Andriy Pyshnyi, the head of the National Bank of Ukraine, as the best leader of a central bank for the year 2024 in Europe and globally. In its report, the publication highlighted Pyshnyi's role in ensuring macro financial stability in Ukraine and noted the active policies of the National Bank aimed at enhancing resilience, even in the face of full-scale Russian aggression.

According to the publication's findings, under Andriy Pyshnyi's leadership, there was an increase in trust in the Ukrainian national currency, the hryvnia, with term deposits of individuals rising by 28% in the first 11 months of 2023. The report also recognized the recovery of the domestic debt market, witnessing a 98% increase in credit volume compared to 2022, and a reduction in inflation from 26.6% to 5.1% over the same 11-month period in 2023.

The Banker also commended the innovative Power Banking project led by Pyshnyi, enabling more than 2375 banking branches to provide essential financial services to the population even during prolonged power outages caused by extensive shelling of Ukraine's energy infrastructure by Russia.

In October 2023, the National Bank successfully transitioned from a fixed exchange rate to managed flexibility. Following this transition, the difference between cash and non-cash exchange rates narrowed to 3%, a significant improvement compared to the beginning of the year when it stood at 10%, and in May of the previous year when it was 25%.

Andriy Pyshnyi played a crucial role in achieving this stability, as highlighted by The Banker, through constructive dialogues with key partners such as the Ministry of Finance and the IMF. In 2023, the National Bank of Ukraine discontinued monetary financing of the budget. In close collaboration with the Ministry of Finance, Pyshnyi utilized instruments for the successful recovery of internal borrowings.

"I perceive this international recognition primarily as another testament to the ability of Ukraine and the Ukrainian people to overcome the challenges of full-scale war with dignity," commented Andriy Pyshnyi on his accolade.

The Banker also acknowledged the active participation and personal communication of the head of the National Bank in garnering support from the IMF for monitoring the program amidst full-scale war. Following the successful program implementation, the IMF approved the Extended Fund Facility (EFF), laying the groundwork for additional financial support from other partners.