Ukrainian National Bank Head named best central bank governor in Europe and worldwide by The Banker

Andrii Pyshnyi, Governor of the National Bank of Ukraine (NBU), has been awarded The Banker Central Banker of the Year 2024 as the best central bank governor in Europe and worldwide.

Source: British financial publication The Banker

Details: The magazine annually awards The Banker Central Banker of the Year to the heads of central banks who have done the best job of stabilising their country's economy and stimulating its growth.

Among the main achievements of the National Bank of Ukraine, the magazine highlighted the preservation of Ukraine's economic stability despite the war unleashed by Russia. To quote:

"Increased confidence in the hryvnia — according to data provided by the NBU, hryvnia term deposits of individuals rose by 28% in the first 11 months of 2023;

The domestic debt market recovered with a 98% increase in the volume of loans relative to 2022;

Inflation fell from 26.6% to 5.1% in the first 11 months of 2023."

The report also notes the success of negotiations with the International Monetary Fund to open a new four-year EFF Extended Fund Facility and its implementation during the year.

Furthermore, the report mentions the Power Banking programme for the sustainable operation of banks in the face of prolonged power outages.

Andrii Pyshnyi was appointed as the head of the NBU in 2022.

Pyshnyi has 17 years of experience in the banking system, much of which was spent at Oschadbank, State Savings Bank of Ukraine. From 2003 to 2007, he was the First Deputy Chairman of the Management Board of Oschadbank, acting as its chairman.

His tenure saw the most significant changes in Oschadbank and the bank's emergence into profitability. His term at the bank also marked one of Ukraine's most high-profile victories in international arbitration with Russia, over US$1.3 billion worth of Oschadbank's assets in Crimea.

Pyshnyi is also currently working as part of the Yermak-McFaul Expert Group on Russian Sanctions.

Background:

Elvira Nabiullina, Head of the Bank of Russia, has been called Putin's main accomplice in keeping Russia's war machine afloat.

Politico named Nabiullina one of Europe's 28 most influential people, ranking first in the "disruptors" category. The newspaper called Nabiullina "Putin's banker".

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