The National Bank of Ukraine saw its first female governor take the helm on 19 June 2014, signaling a pivot toward modern monetary policy. Valeriia Hontareva, a seasoned investment banker, replaced Stepan Kubiv during a period defined by economic crisis, war, and political instability, eventually overseeing a fundamental transformation of the nation's banking sector.
Early Career and Education
Born in Dnipropetrovsk on 20 October 1964, Hontareva pursued technical and economic studies early in her life. She graduated from the Igor Sikorsky Kyiv Polytechnic Institute in 1987 and later earned a Master of Economics from the Kyiv National Economic University named after Vadym Hetman in 1997. Her initial professional experience included two years as a junior researcher at the Ukrainian Centre for Standardization and Metrology and work as a design engineer at the Hiprostrommashyna institute until 1993.
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Hontareva entered the financial sector in 1993, eventually securing top positions at prominent international institutions. She served as director of resource management at Societe Generale in Ukraine and later as deputy chairman of ING Bank, where she reached the role of first deputy in 2007. Between 2007 and 2014, she led Investment Capital Ukraine (ICU) as chairwoman. Before assuming her role at the National Bank of Ukraine, she officially sold her stakes in the company.
National Bank of Ukraine Tenure
Upon her appointment in 2014, Hontareva initiated significant reforms, including the reduction of central bank staff from 12,000 to 5,000. She shifted the bank toward an inflation-targeting monetary policy, moving away from previous efforts to fix exchange rates. Her administration oversaw the insolvency of 87 banks and the nationalization of Privatbank. Despite a threefold depreciation of the hryvnia during her term, international observers credited her with stabilizing the economy. She submitted her resignation on 10 April 2017 and departed on 11 May 2017.
Post-Governor Activities
Following her exit from the National Bank, Hontareva relocated to London in 2018. That same year, she joined the Institute of Global Affairs at the London School of Economics. Financial recognition followed her tenure, with the Financial Times including her in their list of the world's most influential women in 2019. Previously, in 2016, Focus magazine had also named her the most influential woman in Ukraine.
Fast facts
- Born: 20 October 1964, Dnipropetrovsk
- Citizenship: Ukraine
- Education: Kyiv National Economic University; Igor Sikorsky Kyiv Polytechnic Institute
- Governor of the National Bank of Ukraine: 2014-2017
- Languages spoken: Ukrainian, Russian, English
- 2019 Distinction: Included in Financial Times list of most influential women
Questions readers ask
What major reforms did Valeriia Hontareva implement at the National Bank?
She transitioned the bank to an inflation-targeting monetary policy, cleaned up the banking sector by naming 87 banks insolvent, and reduced the central bank bureaucracy.
Where does Valeriia Hontareva reside currently?
She moved to London in 2018.
Achievements
- Educated at Igor Sikorsky Kyiv Polytechnic Institute and Kyiv National Economic University named after Vadym Hetman
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