The head of the National Bank of Ukraine (NBU), Kyrylo Shevchenko, has resigned, citing ill health, as the neighboring country struggles to resist a Russian invasion and stabilize a war-torn economy, Bloomberg reports.

According to the message published on Tuesday on the website of the National Bank of Ukraine, Kyrylo Shevchenko submitted a resignation letter to the President of Ukraine, Volodymyr Zelenskyi. However, Shevchenko’s resignation depends on the approval of the Kyiv parliament. After the legislative power accepts it, the duties of the chairman will be assumed by the deputy chairman of the NBU Kateryna Rozhkova, the press service of the NBU reported, writes Agerpres.

“Due to my health condition, which I can no longer ignore, I have made a difficult decision for me,” reads the statement on the resignation of Kyril Shevchenko.

Shevchenko’s resignation as head of the NBU comes at a time when representatives of the International Monetary Fund are preparing to assess Ukraine’s financial needs later this month. Ukraine wants to receive a large loan program from the IMF in addition to the amount of 1.3 billion euros that the Fund already has in mind for unconditional release.

“For the National Bank of Ukraine, this is not a tragedy, because Shevchenko did not prove his qualities as chairman, although he should be praised for not succumbing to the pressure aimed at the independence of the central bank,” said Oleksandr Parashchyi, director of research at Concord Capital. According to him, a new governor can be appointed quickly with the support of President Volodymyr Zelenskyi in the parliament. The Kyiv parliament may discuss Shevchenko’s resignation on Thursday, Andriy Gerus, a member of President Zelensky’s Servant of the People party, said.

In June of this year, the National Bank of Ukraine raised the base interest rate to 25%, citing a fundamental change in the parameters of the Ukrainian economy as a result of the war. The NBU also devalued the national currency by 25% in July in order to protect its currency reserves.

The 49-year-old Shevchenko headed the National Bank of Ukraine since July 2020 and in the first months of his term was criticized by President Volodymyr Zelenskyi and the IMF for the resignations of important employees of the central bank. After the start of the Russian invasion, criticism decreased, as the NBU played a crucial role in supporting the Ukrainian economy during the war.