On July 10, 2015, the law of Ukraine on amendments to some enactments of Ukraine regarding building of institutional capacity of the National Bank of Ukraine came into force having reduced the NBU Board’s composition to 6 members.

From now on, the NBU’s Board is comprised of NBU Chair Valeria Gontariova, First Deputy Chair Olexander Pysaruk, Deputy Chair Vladyslav Rashkovan, Yakiv Smoly, Dmitro Sologub and Oleg Chury.

As regards key functions the NBU is to perform, the functional roles of Vice-Presidents are as follows: Olexander Pysaruk is responsible for prudential supervision, financial monitoring and risk management. Dmitry Sologub is to tackle issues of the monetary policy, financial stability and banking statistics. Oleg Chury deals with market transactions (foreign exchange and resource markets); Yakiv Smoly - cash and non-cash flow management; Vladyslav Rashkovan – finance, banking reform strategy and regulator’s transformation.

Following the law changes, with a view to improve the quality of decision-making, the NBU’s Board has the right to form and vest relevant powers in task forces. This facilitates mutual exchange of information, improves analysis, makes distribution of the workload between Board members more efficient, and adds value to the central financial institution.

The committees are divided into three groups in terms of functionality: strategic level (policy-making), tactical-decision level (policy execution) and support (aid). As a part of the regulator transformation program, the National Bank of Ukraine has established the following committees: the Committee on Monetary Policy, Financial Stability Committee, Credit Committee, Asset and Liability Committee, Committee on Competitive Bidding, and is planning to form the Supervisory Committee, Budget Committee, the Committee for Operational Risks. Thus, the network of committees covering NBU’s major functions enables collective decision-making.