KYIV, July 5 – Ukraine’s new governor of the central bank will be selected within days and the selected candidate will meet criteria from international donors, Prime Minister Denys Shmyhal said Sunday.

Yakiv Smolii, the governor of the National Bank of Ukraine, submitted resignation on Wednesday, citing “systemic political pressure” that undermines the independence of the central bank.

"It takes time for the consultations to choose the right candidate. There are two requirements: high professionalism and a crystal reputation,” Shmyhal said at Svoboda Slova television talk show. “There is a shortlist that satisfies our international partners."

The resignation sent shockwaves through the Ukrainian business and financial community, and forced the government to postpone indefinitely a $1.75 billion issue of Eurobonds.

The developments are a major setback for President Volodymyr Zelenskiy and his government as Ukraine has been struggling with restarting the economy following the outbreak of the coronavirus pandemic.

In a letter to Zelenskiy, Smolii said it has become impossible for the central bank to effectively cooperate with other state agencies. He complained about “systematic political pressure” on the central bank from undisclosed political figures, suggesting the independence of the central bank was at risk.

The International Monetary Fund, the country’s major lender, warned on Thursday the independence of the National Bank of Ukraine is crucial for the country’s economic reforms and must be ensured when the new governor is appointed.

Zelenskiy and his economic team on Thursday met with the leadership of the NBU amid efforts to find a replacement for Smolii, and assured investors that the independence of the NBU will be preserved.

Zelenskiy assured the country’s bankers that he understands the importance of the NBU’s independence for the stability of the national currency and sustainable economic growth.

The meetings at the presidential administration were attended by Shmyhal, Head of the President's Office Andriy Yermak, his Deputy Yulia Kovaliv, Minister of Finance Serhiy Marchenko, Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danylo Hetmantsev. (tl/ez)