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Significance
Smoly's move came so swiftly that legislators had to vote on his resignation without having a replacement in mind. President Volodymyr Zelensky has yet to submit a candidate, as he is required to do.
Impacts
The NBU debacle may prompt the IMF to delay but not freeze further loan disbursements.
The new NBU management must decide whether to cut interest rates again, and is likely to pause if only to show it is restraining inflation.
Unless there are further political or economic shocks, the hryvnia should remain stable through the summer months.
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2020
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