On 24 February 2014 the Parliament of Ukraine appointed the new Head of the National Bank of Ukraine (the "NBU"), Stepan Kubiv, the ex-chairman of Lviv-based VAT Kredobank and Member of Parliament from the Batkivshchyna Party faction.

Taking into consideration Mr. Kubiv's professional biography and his public and social activity, it is expected that the NBU will pursue transparent and foreign investment-oriented policies. Accordingly, the development of the Ukrainian banking market should be re-activated and its step-by-step liberalization should begin. However, considering the country's macroeconomic situation (currently, Ukraine's S&P credit rating is CCC), it is doubtful that the cancellation of the existing foreign currency and other relevant restrictions will take place immediately.

According to Mr. Kubiv, one of the NBU’s priorities will be the resumption of cooperation with the International Monetary Fund.