Zelenskyy grows frustrated with central bank chief over close IMF ties
President Volodymyr Zelenskyy has grown increasingly frustrated with National Bank of Ukraine Governor Andriy Pyshnyi, viewing him as too close to the International Monetary Fund and insufficiently supportive of the wartime economy, Bloomberg reported on Aug. 13.
President Volodymyr Zelenskyy has expressed growing discontent with National Bank of Ukraine Governor Andriy Pyshnyi, labeling him as overly connected to the International Monetary Fund and not sufficiently backing Ukraine's wartime economy, according to Bloomberg. The rift emerged as the IMF pushed Ukraine to adhere to a series of unpopular conditions for a $8.1 billion loan.
Senior Zelenskyy ally Davyd Arakhamia is advocating for a possible successor to Pyshnyi, though the president has no immediate plans to replace him, sources told Bloomberg. The president believes Pyshnyi's close ties to the IMF and his efforts to publicize his activities on social media have undermined the central bank's independence and effectiveness, Bloomberg reported.
Zelenskyy's spokesperson and the IMF did not comment on the matter. The National Bank of Ukraine stated that the cited issues had not been discussed. Concerns from other senior officials suggest the central bank has not adequately supported Ukraine's struggling economy while maintaining a tight monetary policy. Tensions between Zelenskyy and the IMF intensified in the winter of 2026 after the IMF approved a loan that required Ukraine to implement several contentious measures, including tax increases, Bloomberg noted.
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