Viktor Yushchenko - Central Banker

Central Banker

In 1976 Yushchenko began a career in banking. In 1983, he became the Deputy Director for Agricultural Credit at the Ukrainian Republican Office of the Soviet Union State Bank. From 1990 to 1993, he worked as vice-chairman and first vice-chairman of the JSC Agroindustrial Bank Ukraina. In 1993, he was appointed Chairman of the National Bank of Ukraine (Ukraine's central bank). In 1997, Verkhovna Rada, the parliament of Ukraine, re-appointed him.

As a central banker, Yushchenko played an important part in the creation of Ukraine's national currency, the hryvnia, and the establishment of a modern regulatory system for commercial banking. He also successfully overcame a debilitating wave of hyper-inflation that hit the country—he brought inflation down from more than 10,000 percent to less than 10 percent—and managed to defend the value of the currency following the 1998 Russian financial crisis.

In 1998, he wrote a thesis entitled "The Development of Supply and Demand of Money in Ukraine" and defended it in the Ukrainian Academy of Banking. He thereby earned a doctorate in economics.