Yakiv Smolii
Yakiv Smolii | |
|---|---|
| Born | February 1, 1961 Verbovets, Lanivtsi Raion, Ternopil Oblast, Ukrainian SSR, Soviet Union |
| Occupation(s) | Economist, banking professional |
| Known for | Chairman of the National Bank of Ukraine (2018–2020) |
Yakiv Vasyliovych Smolii (, born on 1 February 1961) is a Ukrainian economist and banking professional who previously held the position of chairman at the National Bank of Ukraine. He initially assumed the role of acting governor on 11 May 2017, following the resignation of Valeriia Hontareva, and was formally appointed by the Ukrainian parliament on 15 March 2018.[1][2] Smolii stepped down due to sustained political pressure and was officially removed by parliament on 3 July 2020.[3]
Early life
Born in Verbovets, located in Lanivtsi Raion of Ternopil Oblast, Smolii entered the world on 1 February 1961.[4]
Education
He earned a Bachelor of Science degree in applied mathematics from Lviv University in 1983.[4]
Career
- From 15 March 2018 — governor of the National Bank of Ukraine.
- From 11 May 2017 — acting governor of the National Bank of Ukraine.
- From 25 October 2016 — first deputy governor of the National Bank of Ukraine.
- From 25 April 2014 — deputy governor of the National Bank of Ukraine.
- Between 2006 and 2014 — director responsible for banking operations at Prestige-Group.
- In 2005–2006 — consultant for Office Stolychnyi CJSC and Prestige-Group.
- From 1994 to 2005 — led the Automation Office and later served as deputy chairman of the board at Aval Joint Stock Post Pension Bank.
- Between 1987 and 1991 — worked as a software engineer at Orion, a private company, then headed the IT division at the regional branch of the National Bank of Ukraine in Ternopil.
Chairman of the National Bank of Ukraine
On March 15, 2018, Smolii was appointed Chairman by the Verkhovna Rada, securing support from 247 deputies.
"For the National Bank to effectively execute its responsibilities, it must maintain political independence, guaranteeing price stability alongside financial stability."
Yakiv Smolii outlined several priorities for the central bank including:
- safeguarding price and financial stability while fostering economic growth and aligning Ukraine’s financial system with European frameworks
- enhancing collaboration with international partners
- developing a contemporary and resilient banking sector that bolsters economic progress by reinitiating credit issuance
"The banking sector currently holds over 80 billion UAH available for lending. However, issues such as non-performing loans and insufficient creditor protection persist, which can only be addressed through legislative reforms."
Additional objectives included:
- progressing monetary liberalization efforts
- sustaining low and steady inflation within a target range of 5% ±1% over five years
- harmonizing Ukraine’s financial system with European standards under the EU-Ukraine Association Agreement
- advancing financial inclusion by improving accessibility and security within banking services
On March 2, 2018, Smolii announced intentions to update Ukraine’s financial sector development strategy for the period 2020–2025. He also unveiled a medium-term strategy for the National Bank for the first time. This comprehensive plan established seven key targets such as restarting lending activities, facilitating unrestricted capital flows, ensuring effective regulation across all financial sectors, and promoting broader financial inclusion.
Smolii further emphasized the National Bank’s dedication to embracing digital transformation trends in finance, including:
Cashless economy—transitioning predominantly to non-cash payment methods:
- Aligning with European directives like Payment Services Directive 2 (PSD2) alongside Ukrainian standards such as SEP3
- Rolling out Instant payments—rapid, guaranteed transfers accessible around-the-clock via SEP4 peer-to-peer services
- Creating an "electronic hryvnia," a digital fiat currency equivalent to cash designed for immediate mobile transactions
- Cutting costs related to cash production and handling by shifting cash management responsibilities from the National Bank to commercial banks
Cybersecurity
- Establishment of the NBU data processing facility aimed at delivering backup and information storage solutions for governmental bodies;
- Creation of the NBU Cash Center located in Western Ukraine, designed as a state-of-the-art site for cash handling and secure storage.
Removal from Position as Chairman of the National Bank of Ukraine
On 3 July 2020, the Ukrainian parliament officially removed Smolii from his role, just two days following his resignation submission. He attributed his departure to sustained political pressure, explaining that the National Bank was being pushed to endorse economically unsound policies that prioritized immediate benefits but threatened the Ukrainian economy’s long-term stability. Smolii highlighted various forms of coercion, including orchestrated paid demonstrations, judicial interference, and targeted media campaigns. During discussions with senior officials, he reported that the National Bank was pressured to excessively increase money supply and disregard prudent regulatory standards.
Oleh Ustenko, advisor to Ukrainian President Volodymyr Zelensky, refuted claims of exerted pressure on Smolii yet expressed concerns regarding the National Bank’s outdated approach to communication.
Membership in the National Security and Defense Council of Ukraine
By presidential decree dated 28 March 2018, Smolii was appointed as a member of the National Security and Defense Council of Ukraine.
Academic Qualification
- PhD in Economics
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