Smolii's resignation will not affect hryvnia exchange rate – Ukrainian Finance Ministry

Finance Minister Serhiy Marchenko said this at a briefing on Thursday, July 2, according to an Ukrinform correspondent.

"I believe that there is no reason to worry about the exchange rate due to the resignation of a high-ranking official. We may see turbulence today, but the necessary decisions will be made and everything will calm down soon. Therefore, there is no reason to believe that this will change the situation in the foreign exchange market," Marchenko said.

He added that the resignation of the NBU head should not affect the macroeconomic stability of the state. "We now have more opportunities and resources than ever to ensure macroeconomic stability," Marchenko said.

He said that as of July 1, there was UAH 75 billion and over UAH 2 billion in foreign currency on the single treasury account. This, according to the minister, enables the government to control the situation with public finances and ensure all government obligations to international partners and citizens.

On July 1, Smolii tendered his resignation due to "systematic political pressure." On July 2, President Volodymyr Zelensky submitted a motion to the Verkhovna Rada to dismiss Smolii as NBU governor.

Smolii was appointed to the post in March 2018.

The International Monetary Fund said that after Smolii's resignation, the NBU's independence must be maintained by his successor.

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