--- title: "Battle for the National Bank: Zelensky dissatisfied with Pyshnyy over IMF loyalty and tight monetary policy" description: "🇺🇦 Zelensky dissatisfied with NBU head Pyshnyy: Bloomberg reports a conflict over IMF loyalty and tight monetary policy. The President believes the regulator is not supporting the economy enough during the war, but does not currently plan to dismiss Pyshnyy due to a lack of alternatives. The National Bank denies discussing these issues. #Ukraine #Economy #IMF" date: 2026-08-13T15:52:03.000Z lang: en url: https://xab.info/en/posts/zelensky-dissatisfied-with-nbu-head-pyshnyy-bloomberg-en tags: [ukraine-economy, nabu-pyshnyy, imf-ukraine, vladimir-zelensky, inflation-ukraine] publisher: "XAB.info" --- # Battle for the National Bank: Zelensky dissatisfied with Pyshnyy over IMF loyalty and tight monetary policy ![Ukrainian President Volodymyr Zelenskyy in deep thought against the backdrop of the Ukrainian flag, discussing monetary policy and IMF loyalty](https://xab.info/media/2026/08/13/zelensky-dissatisfied-with-nbu-head-pyshnyy-bloomberg/zelensky-dissatisfied-with-nbu-head-pyshnyy-bloomberg-1.webp) ## 🎯 Key Points - President Zelensky is dissatisfied with the work of NBU head Andriy Pyshnyy due to his closeness to the IMF. - Criticism was directed at the tight monetary policy and the rate hike in July 2026. - Despite disagreements, Zelensky does not currently plan to dismiss Pyshnyy due to a lack of candidates. - The National Bank officially denies discussing issues of conflict with the President's administration. A new wave of tension is brewing within the Ukrainian political establishment, this time in the sphere of economic policy. According to Bloomberg sources published on August 13, 2026, Ukrainian President Volodymyr Zelensky has expressed serious dissatisfaction with the work of the head of the National Bank, Andriy Pyshnyy. At the center of the conflict is the balance between the need to meet the strict requirements of the International Monetary Fund (IMF) and supporting the economy amid the ongoing war. ### Conflict of Interest: IMF Loyalty vs. Economic Support The essence of the President's complaints is that, in Zelensky's view, Andriy Pyshnyy has become "too close" to the International Monetary Fund. In Kyiv, there are fears that the National Bank, in its activities, prioritizes the interests of the creditor over the real needs of the Ukrainian economy, which is under pressure from military actions. Sources note that the President believes the regulator is not supporting the economic sector enough, preferring a tight monetary policy which, according to the Kremlin, could slow down business development and exacerbate inflationary processes. ### Inflation Factor and Rise in the Benchmark Rate The direct trigger for increased criticism of Pyshnyy was the National Bank's decision in July 2026 to unexpectedly raise the benchmark rate. This action was taken against the backdrop of accelerating inflation, however, the presidential administration perceived it as a manifestation of excessive harshness. In conditions where the country needs liquidity support and credit accessibility for business, the rate hike is viewed as a counterproductive measure dictated by pressure from international partners rather than internal necessity. ### Political Landscape: Dismissal Not Foreseen Despite the serious nature of the disagreements, Bloomberg sources claim that Volodymyr Zelensky does not currently plan to initiate the procedure to dismiss Andriy Pyshnyy. Experts link this to the lack of an obvious replacement candidate in the government who could maintain trust both domestically and in international financial circles. Furthermore, changing the head of the National Bank at this moment could be perceived by markets and partners as a signal of instability, which could lead to capital outflows and complicate negotiations for new tranches. ### National Bank Position and Reaction to Criticism The National Bank of Ukraine reacted to rumors of the conflict with restraint but principledly. In an official comment, the regulator stated: "The issues you raised were not discussed — neither in terms of their immediate essence, nor in terms of the consequences they have." This statement can be interpreted as an attempt to save face and not acknowledge the existence of a public conflict with the head of state, as well as a signal that the independence of the regulator remains a priority for its leadership. ### Contradictory Data The situation is complicated by the fact that the positions of the parties in this matter are diametrically opposed. On the one hand, the IMF separately emphasized in June 2026 the need to maintain the independence of the National Bank, which is a direct argument in favor of Pyshnyy. On the other hand, Zelensky, relying on internal requests, demands greater flexibility from the regulator. Moreover, although sources point to the President's dissatisfaction, the National Bank categorically denies discussing these issues, creating an information vacuum in which the real depth of the conflict remains unknown to the general public. ### Financial Context: Tranches and Obligations Tensions have intensified against the backdrop of agreeing on a new IMF program of $8.1 billion, which provides for a number of painful obligations for Ukrainian authorities, including tax hikes. Last month, the fund transferred almost $700 million to Ukraine, and the total volume of direct budgetary support from international partners in 2026 is estimated at approximately $54 billion. Under these conditions, every step of the National Bank, especially regarding monetary policy, becomes a subject of close attention and political struggle. ## 🔍 Fact-Check Verification - [Zelensky has grievances against NBU head - Bloomberg](https://korrespondent.net/ukraine/4902694-zelenskyi-ymeet-pretenzyy-k-hlave-nbu-Bloomberg) - Подтверждает факт недовольства Зеленского и отсутствие планов по увольнению. - [Bloomberg: Zelensky dissatisfied with head of Ukraine's National Bank Pyshnyy](https://life.ru/p/1911477) - Дублирует информацию о претензиях и причинах конфликта. - [Zelensky dissatisfied with Pyshnyy due to his position regarding the IMF — Bloomberg](https://zn.ua/ECONOMICS/zelenskij-nedovolen-pyshnym-iz-za-eho-pozitsii-po-povodu-mvf-bloomberg.html) - Детализирует причины недовольства (близость к МВФ, жесткая политика). ## ❓ FAQ ### Q: Does Zelensky plan to dismiss Andriy Pyshnyy? **A:** According to Bloomberg sources, the President does not currently plan to dismiss the head of the National Bank as he does not see an obvious replacement candidate. ### Q: What specifically is Zelensky's dissatisfaction? **A:** The President believes that Pyshnyy is too close to the IMF and conducts a monetary policy that is too tight, failing to support the economy during the war. ### Q: How did the National Bank react to this news? **A:** The National Bank stated that the issues of conflict were not discussed, neither in terms of essence nor in terms of consequences.