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17-12-2004 01:16 Maidan-INFORM
Former Head of National Bank of Ukraine Appointed Anew

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With an astonishing absolute majority of votes (428), Verkhovna Rada (parliament) has ratified Volodymyr Stelmakh's appointment as Head of the National Bank of Ukraine.

Two years ago, Verkhovna Rada dismissed Stelmakh, who was head of the National Bank from 1999 when his predecessor, Viktor Yushchenko, took the post of prime minister.

Stelmakh is one of the most highly qualified and respected bankers in Ukraine. Yushchenko has already said that in the event of his own victory in the elections, Stelmakh would remain head of the National Bank of Ukraine.

Stelmakh has no allegiance any political party. It should be noted that Serhiy Tyhipko, who was head of the National Bank for the last two years, was simultaneously the leader of the Labor party. Tyhipko was head of Viktor Yanukovych's election campaign. The combination of those positions was nearly catastrophic for the Ukrainian banking system.

Maidan-Inform anticipates that Stelmakh's appointment means an almost automatic cessation of any dangerous trends in Ukrainian banking.

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