Ukraine’s central bank chief announced Tuesday he was stepping down for health reasons, more than seven months after the Russian invasion of the country.
“I have submitted my resignation letter and asked the President of Ukraine to accept it,” Ukraine National Bank governor Kyrylo Shevchenko said in a statement on his Facebook page.
Shevchenko, 49, said the difficult decision to step down was due to health-related issues that could no longer be ignored.
Any changes at the head of the central bank are closely followed by Ukraine’s western allies, whose financial support has been key to propping up the country’s economy even before the war.
Appointed in 2020 after his predecessor resigned citing political pressure, Shevchenko and the central bank have been key players in efforts to ensure the country’s financial and economic stability after the Russian invasion in February.
The central bank imposed controls to avoid an outflow of capital, prop up the local currency, and helped keep a lid on inflation.
Nevertheless, the country’s economic output is expected to contract by 35 percent this year due to the war, according to the latest World Bank forecast published on Tuesday.
“The war was yet another difficult test for our team and for me personally,” Shevchenko said.
Together with bank leaders, “we were able to keep (the) banking system operational during the war, providing Ukrainians access to financial services and ensuring financial stability despite the most difficult circumstances,” Shevchenko added.
The Ukrainian parliament could begin examining his resignation request this week, one lawmaker said.
