Valeria Gontareva

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Valeria Gontareva
Валерія Гонтарева
10th Chairman of the National Bank of Ukraine
In office
19 June 2014 – 11 May 2017[a][1]
Preceded by Stepan Kubiv
Succeeded by Yakiv Smoliy (acting)[1]
Personal details
Born (1964-10-20) 20 October 1964 (age 53)
Dnipropetrovsk, Ukrainian SSR, SSSR
Children 2 sons
Alma mater Kiev Polytechnic Institute
Kiev National Economic University
Occupation Banker
Profession Banker

Valeria Olexivna Gontareva or Valeriya Gontareva or Valeriya Oleksiyivna Hontaryeva[b] (Ukrainian: Вале́рія Олексі́ївна Го́нтарева Russian: Валерия Алексеевна Гонтарева) (born 20 October 1964 in Dnipropetrovsk) is Governor or Chairwoman of the National Bank of Ukraine.[2][3] She submitted her resignation on 10 April 2017 and left the bank on 11 May 2017.[4][1]

Early life and career[edit]

Gontareva was born on 20 October 1964 in Dnipropetrovsk.[5] She graduated in 1987 from Kiev Polytechnic Institute and in 1997 from Kiev National Economic University with a master's degree in Economics.[5]

After obtaining her degree in 1987, she was a junior researcher at the Ukrainian Centre for Standardization and Metrology for two years, and from 1989 to 1993, Gontaryeva worked as a design engineer in the institute "Hiprostrommashyna".[6] In 1993 Gontaryeva started her career financial institutions and she held top positions in the Kiev branches of ING Bank and Societe Generale.[5][7]

In 1996 she became director of resource management Societe Generale in Ukraine and in 2001 deputy chairman of ING Bank (in 2007 for six months first deputy).[6] From 2007 to 2014, she served as Chairwoman of then Investment Capital Ukraine (now ICU), Kiev based financial group.

She officially sold her stakes in the company before becoming governor of the NBU.[8] However, there were controversial discussions about the independence of her policy due to her close relation with the president Poroshenko as he hired for the sale of his Roshen holding her former company ICU beside Rotschild Group.[9]

Chair of the National Bank of Ukraine[edit]

On 19 June 2014 Gontareva replaced Stepan Kubiv as Chairwoman of the National Bank of Ukraine.[10] Gontaryeva is the first female to lead the bank.[11]

International financial institutions representatives state that the biggest reform achievement in Ukraine under Gontareva’s rule has been the clean-up of the banking system with the grand finale of the nationalisation of Privatbank.

Gontareva had reduced the size of the central bank bureaucracy from 12,000 to 5,000. She has let the country’s currency, the hryvnia, float, which stabilized the economy. And, above all, in an effort to clean up the ailing banking sector, she has named 87 banks insolvent with about 60 percent of the sector’s assets. According to the EBRD managing director (Eastern Europe and the Caucasus) Francis Malige, Gontareva is No. 1 changemaker in Ukraine.

Gontareva has a good reputation among professionals as the Ukrainian central bank for the first time started to act independently from the interests of oligarchs and politicians. She fulfilled modern monetary policy similar to the policy of the European central bank of the United States’ Federal Reserve System. On the contrary, the predecessors of Gontareva on the first hand wanted to maintain the stable national currency exchange rate.

On 10 April 2017, Gontareva submitted her resignation. On 11 May 2017, while still not formally dismissed, she left the bank and Deputy Governor Yakiv Smoliy took over her duties.[12]

“My mission is complete. First, the country has moved to a flexible exchange rate and implemented the new monetary policy of inflation targeting. Secondly, the banking system has been cleansed of insolvent banks, and its future resilience strengthened. Thirdly, the National Bank has been completely transformed, all the processes have been reset and today our central bank is a strong modern organisation,” Valeria Gontareva concluded during her resignation announcement.

During her nearly three years in office, the National Bank headed by Valeria Gontareva has succeeded in stabilising the macroeconomic situation, fundamentally transforming the banking sector landscape and building a modern central bank despite war and political instability, deep economic crisis and empty government treasury.

In her official public income declaration for 2013, Gontareva stated an income of 3.884.679 UAH,a car park with an Infinity FX35, a Porsche Cayenne, a Porsche Panamera, a Toyota Landcruiser and several real estates.[13] According to Gontareva's e-declaration for 2016, her total income amounted to UAH 57 mln (the most of which was due to the third tranche of selling her shares in ICU Holdings Limited - UAH 52,57 mln).

Private life[edit]

Gontareva is married and has 2 sons;[5] Anton born in 1988 and Nikita born in 2000.[14]

Notes[edit]

  1. ^ Still not formally dismissed but duties were taken over by Deputy Governor Yakiv Smoliy (she had announced her resignation on 10 April 2017).
  2. ^ according to proper transliteration from Ukrainian

References[edit]

  1. ^ a b c Williams, Matthias (10 May 2017). "Ukraine central bank post in political limbo as Gontareva leaves". Reuters. Retrieved 11 May 2017.
  2. ^ "Ukraine crisis: EU deal to be signed on 27 June". BBC News Online. 19 June 2014. Archived from the original on 19 June 2014. Retrieved 19 June 2014.
  3. ^ "Chairwomen of the National Bank of Ukrain: The former owners of PrivatBank could face criminal charges". UAWire. 24 February 2017. Retrieved 10 April 2017.
  4. ^ Williams, Matthias; Polityuk, Pavel; Rao, Sujata (10 April 2017). "After praise and death threats, Ukraine's central bank governor quits". Reuters. Retrieved 10 April 2017.
  5. ^ a b c d (in Ukrainian) Top 10 facts about the new Governor NBU - Valeriya Gontaryeva, Телеканал новин 24 (19 June 2014)
  6. ^ a b "Archived copy" Команда Петра Порошенка. Перші призначення [Team Poroshenko. The first appointment]. Ukrayinska Pravda (in Ukrainian). 19 June 2014. Archived from the original on 15 July 2014. Retrieved 19 June 2014.
  7. ^ "Ukraine president gets parliament boost for peace plan". The West Australian. Agence France-Presse/Yahoo! News. 19 June 2014. Archived from the original on 15 July 2014. Retrieved 19 June 2014.
  8. ^ Interfax-Ukraine (5 April 2016). "Gontareva 'has no relation to ICU business after selling stake in 2014'". Kyiv Post.
  9. ^ "Rothschild Trust confirms Poroshenko blind trust deed for Roshen". Interfax-Ukraine. Retrieved 26 May 2016.
  10. ^ "Ukraine crisis: EU deal to be signed on 27 June". BBC News Online. 19 June 2014. Archived from the original on 19 June 2014. Retrieved 19 June 2014.
  11. ^ "Ukraine president gets parliament boost for peace plan". The West Australian. Agence France-Presse/Yahoo! News. 19 June 2014. Archived from the original on 15 July 2014. Retrieved 19 June 2014.
  12. ^ Williams, Matthias (10 May 2017). "Ukraine central bank post in political limbo as Gontareva leaves". Reuters. Retrieved 11 May 2017.
  13. ^ "http://iportal.rada.gov.ua/uploads/documents/30970.pdf" (PDF). Retrieved 26 May 2016. External link in |title= (help)
  14. ^ "Archived copy" Син глави Нацбанку купається у вині, а донька Яреми полюбляє "селфі" (in Ukrainian). 24 June 2014. Archived from the original on 3 August 2014. Retrieved 1 July 2014.

External links[edit]

Business positions
Preceded by
Stepan Kubiv
Governor of the National Bank of Ukraine
2014-2017
Succeeded by
Yakiv Smoliy (acting)