Zelenskyy unhappy with Ukraine's central bank chief: Bloomberg reveals why

According to the outlet, Zelenskyy considers Pyshnyi too close to the IMF and believes the National Bank is not doing enough to support the economy during the war.

Sources said the president’s concerns were related, among other things, to the regulator’s tight monetary policy.

At the same time, Bloomberg’s sources noted that Zelenskyy does not currently plan to dismiss Pyshnyi. The president also does not see an obvious candidate to replace him.

The National Bank rejected claims that such discussions had taken place.

"The questions you raised were not discussed — either in terms of their direct substance or the implications they carry," the National Bank said.

The role of the IMF

Tensions intensified after a new $8.1 billion IMF program was agreed. It included a number of commitments for the Ukrainian authorities, including tax increases, which sparked criticism domestically.

In June, the Fund also separately stressed the need to preserve the independence of the National Bank.

In July, the National Bank unexpectedly raised its key interest rate amid accelerating inflation. According to Bloomberg, this also became one of the factors putting pressure on Pyshnyi.

Meanwhile, the IMF transferred nearly $700 million to Ukraine last month under its existing lending program. The National Bank estimates that total direct budget support from international partners in 2026 will amount to approximately $54 billion.

Earlier, the IMF Executive Board approved a new $690 million tranche for Ukraine following the completion of the latest review of the four-year financing program, giving Kyiv immediate access to the funds after the decision was approved.