IMF head of the NBU is dissatisfied and demands reforms

The IMF conducted an analysis of implementation by Ukraine Extended Fund Facility (EFF) which operates with February 2015. The analysis results EFF were disappointing. Most Performance criteria not been fulfilled.

According to Performance criteria EFF NBU was obliged to provide increase in net international reserves to a level of 2 bn. USD at the end of 2015. But instead of growing net iternational reserves fell by 487 million dollars by the end of 2015. The IMF demanded that the cumulative change in net domestic assets of the NBU was 57 bn. UAH at the end of 2015. At the end of 2015, net domastic assets of the NBU decreased by 43 bn. UAH rather than increased, as recommended by the IMF. NBU has not fulfilled the requirement of the IMF on the growth of the monetary base in 2015. According to the recommendation of the IMF's monetary base in Ukraine it had growths on 90 billion. UAH, but in fact it has grown only 2.6 bln. UAH.

Not surprisingly, the IMF recommends to replace the head of the NBU, as a person who failed to cope with their work. It is possible that soon the head of the NBU Valeria Gontareva dismissal from her position and replaced by another specialist, who will fix errors Gontareva. The banking market of Ukraine expects that the new head of the NBU will be more competent than Gontareva Valeria, which was the worst principal in the history of the National Bank of Ukraine