The head of the National Bank of Ukraine, Andrii Pyshnyi, was named the best head of the central bank in the world and Europe according to the version of the authoritative British publication The Banker.
The NBU chief topped the world ranking of the Central Bank's best heads
What is essential to understand is that the publication's reaction each year awards The Banker Central Banker of the Year to the heads of central banks who have best managed to stabilise their country's economy and stimulate its growth.
The main successes of Andrii Pyshnyi as the head of the NBU are:
growing confidence in the hryvnia: according to the NBU, time deposits of individuals in the national currency increased by 28% in 11 months of 2023;
an almost two-fold increase in borrowings on the domestic debt market;
reduction of inflation from 26.6% to 5.1% in 11 months of 2023;
The rejection of monetary financing and the transition from a fixed exchange rate to its managed flexibility reduced the spread between rates on cash and non-cash markets.
It is also impossible not to mention the achievements of Andrii Pyshnyi during the negotiations with the International Monetary Fund regarding the opening of a new four-year program of expanded financing of the EFF and its implementation within a year.
Experts also noted the Power Banking program, which ensured the stable operation of Ukrainian banks in conditions of long-term power outages.
How Andrii Pyshnyi reacted to the award from The Banker
According to the NBU’s head, it is a real honour for him to receive such a title, as it is a de facto international recognition of the successes and capabilities of the entire Ukrainian people.
This is a huge privilege and responsibility: to lead a team of NBU professionals and to make our contribution to the stability of the country in times of severe trials, Andrii Pyshnyi noted.
The head of the National Bank emphasises that no one in the world could offer us a universal set of solutions in the event of a full-scale war, so he and his team had to develop their own.
Now others are interested in them. The truth is that this magical set of universal solutions never appeared... We are still writing, implementing, evaluating and calibrating it and doing it better every day — we don't stop for a minute, he added.
