Wednesday, December 22, 2010

Yanuk clan's banker given keys to NBU?

PresidentYanukovych has nominated one of his son's best pals, the little-known Serhiy Arbuzov, for head of the National Bank of Ukraine. His appointment will almost certainly be approved by parliament.

Arbuzov [see photo] - known as "Banker to the Yanukovych clan", clearly wasn't chosen for his good looks alone.

Since being appointed NBU deputy head in September, he has not made himself popular. He has a reputation for boorish manners , ignoring and 'blanking out' fellow NBU staff, and for walking inside the bank and through the bank's hallowed corridors surrounded by his own personal bodyguards.

"Yanukovych’s Party of Regions is a party of exporters, so the new central bank governor may defend their interests, which means his policy may be aimed at hryvnia devaluation or not allowing the hryvnia to appreciate." More here

The reaction of the banking world has been, shall we say, at best, "mixed".

My advice - hang the bank keys around your neck on a bit of string so as not to lose them. Oh, and don't eat too many sausage rolls...

p.s. In Russian Arbuz means water-melon...

Trolley buses and trams have not run in Kharkiv, Ukraine's second city, for the last three days - about 700 drivers and conductors are on strike, demanding immediate settlement of wage arrears.

Their trade union committee claims that the total amount owed to employees is 22.4 million hryvnia. Wages have not be paid since July/August 2010.

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