Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans

The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal

Andriy Pyshnyy, National Bank of Ukraine
Credit: Gregory Vepryk/National Bank of Ukraine

Since we spoke last year, Russia’s aggression in Ukraine has continued unabated. How would you assess the major challenges the National Bank of Ukraine (NBU) has faced since then? How have you responded, and has the risk-based approach that you’ve adopted been helping?

The challenges have not changed much, because unfortunately the war continues. In 2024, we had further intense attacks on critical Ukrainian infrastructure and insane attacks by the Russian Federation on peaceful Ukrainian cities

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