Ukraine replaces central bank head with deputy
Baku,January 14 (AZERTAC). The Ukrainian parliament today (January 11) voted to relieve Serhiy Arbuzov of his role as head of the National Bank of Ukraine - replacing him with his deputy, Igor Sorkin.
The appointment comes ahead of a visit by the IMF mission to Ukraine to initiate discussions on a Stand-By Agreement
Sorkin has been the de facto central bank head since Arbuzov was appointed first deputy prime minister of Ukraine on December 24 last year. President Viktor Yanukovych formally submitted Sorkin's candidacy to parliament on January 9.
Sorkin said he will aim to ensure the stability of the hryvnia, and added: "I consider my first priority to lower interest rates on loans also, the primary task is to engage the banking system in those transformations that occur in our country."
He also promised to develop non-cash transactions and intensify cooperation with international financial institutions.
The appointment comes ahead of a re-arranged visit by the IMF mission to Ukraine, initially scheduled for mid-December and now pushed back to the second half of January, to initiate discussions on a Stand-By Agreement (SBA). An SBA is aimed at addressing short-term balance of payments problems, and typically covers a period of 12-24 months, and no more than three years.
Prime minster Mykola Azarov in a statement expressed his desire that the "period of fruitful cooperation and interaction between the National Bank and the Government", which prevailed under Arbuzov, should continue under Sorkin's regime.
The statement added that the National Bank of Ukraine's information campaign was key to "prevent panic among the population, which is being provoked by irresponsible politicians and experts and it makes [the] national currency weak".
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