Verkhovna Rada registers bill to dismiss NBU’s Stelmakh

The Verkhovna Rada registered a draft resolution yesterday calling for the dismissal of the National Bank of Ukraine Governor Volodymyr Stelmakh. The bill was sponsored by deputies from the Tymoshenko Bloc, Our Ukraine Bloc and the Communist Party. Stelmakh’s five-year term as head of the NBU expires on December 16, 2009. Brad Wells: According to Constitutional Court decision in February 2009, the head of the NBU can only be dismissed by the Rada if initiated by the president, who is not obligated to submit him to be relieved when his term expires. We view the latest bill as political noise ahead of the election. Stelmakh is likely to remain in his post at the NBU until a new governor is named by the next president after their election in 2010.