The Term of Valeria Hontareva: Monetary Policy in the Times of Unprecedented Challenges

Valeria Hontareva – the head of the National Bank of Ukraine who managed it during the historic times in the Ukrainian economy – is leaving her post. She took office after the presidential election in June 2014, during the period of tough calls for the National Bank. Can it be concluded that the policy of the Ukrainian central bank was quite successful, inasmuch as it was possible in those conditions?

This article is an attempt to track how the central bank responded to these challenges and to briefly outline the history of monetary and exchange rate policy in the period crucial for Ukraine. The authors deliberately do not focus on the issue of liquidation of banks and changes in the system of prudential supervision, because this is a related, yet separate sphere of activity of the central bank.


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