Interview with alumni

Dmytro SOLOGUB, (KSE’2002), Deputy Governor at the National Bank of Ukraine

  1. What role did KSE play in your career and life in general?

Certainly, a big role, as the School gave me the professional education and good network of contacts. I also always valued the School for its atmosphere of healthy competition, given a quite heavy program and the perspectives it opened. When I have graduated from the Belarus State University, I wanted to complement my knowledge, as well as broaden the horizons — to study beyond Belarus borders. My friends have studied at the Kyiv School of Economics and it was not that far away, moreover, the teaching style and the structure of the curriculum there have substantially differed from the typical post-Soviet university. The combination of theoretical knowledge and, so called, “soft” skills, which I have obtained here, have played a huge role. Right after my graduation from the university, I have worked at the Institute for Economic Research and Policy Consulting, and then at the International Monetary Fund, after which at the Raiffaisen Bank Aval.

2. What challenges are you now facing at the National Bank? How do you solve them?

Professional challenges that I am now facing, are, probably, the same as for the whole country. Ukraine now starts recovering from a very severe crisis, which it never experienced before. Although the economy recovers, the structural changes go quite slow. One part of these changes, in particular, addresses the banking system and we really try to completely rebuild it and make it stable. Monetary policy also needed to be amended. Since the exchange rate should not be the goal of the National Bank. Inflation in the country that has its own national currency, is a better measuring tool for the people’s purchasing power, rather than the exchange rate. And now we have clearly set our goal on channeling the monetary regime specifically on inflation reduction in the country. In the long-run perspective, the exchange rate becomes more stable at the monetary regime that is directly focused on inflation targeting, and not on the exchange rate targeting.

But this is something not easy to implement, as it is very hard to explain the benefits of the low inflation to everyone, including politicians and people. Moreover, politicians like short-term decisions, which help them winning the next elections, but as we have already seen these short-term populistic decisions quite often turn into the long-term problems. Therefore, the role of the Central Bank in the country should be to restrict the politicians. Another big challenge that I and my colleagues face inside the Bank, is the transformation of the organization itself. In this part the changes have already taken place — from the organization in which worked 12 thousands of employees, we have transformed into an organization which employs 5 thousand 300 employees. And we still see the ways for further staff optimization a nd improved efficiency.

3. How can KSE contribute to this process?

One of the goals of the National Bank is also the promotion of research, as this is an absolutely disastrous sphere in Ukraine, and here KSE can play a huge role, despite it is a small university. For example, 10 graduates of KSE already work at the National Bank now. The School has quite strong professors’ base, as well actively develops the economics policy making research, at which it has not too many competitors at the moment. In general, if to compare the level of economic education in Ukraine 15 years ago and the current state of affairs, unfortunately, nothing has changed, except for KSE. In economics there is such a term as “autarky” — this is when the country is completely isolated from the world, doesn’t trade with anyone, and I have such a feeling that now we are at the stage of autarky in our economic science. Our task is to change this. Research — is the foundation, on which the National Bank’s policy should be based. Therefore, we have already transformed the research department at the Bank, organize special annual conference and closely work with faculty of Ukrainian higher educational institutions, give lectures at the universities in Kyiv and the regions.

4. You are the member of the KSE Alumni Association’s Executive Committee, what plans does the Association have?

Alumni decided to unite in a formal structure, as they are grateful to the School and want to contribute to its development. Many have reached a significant career success and would like to support the School. Since now Ukraine is going through the vast transformations, for many the support of the School, means the support of the country. One of the tasks currently set for the Association — is, first and foremost, to improve the School’s financial base, as donors cannot anymore play the main role in this process, and the School has no stable internal sources of financing. Second — is the recruitment of new students, as in the past years, for known objective reasons, the number of applicants has decreased. Earlier there were less educational opportunities and more scholarship opportunities, while now the School has to actively look for financial resources that is an uneasy task. Third — is the link between students (current and potential) and alumni. Young people should understand the competitive advantages of KSE. At the times when no changes happen in the system of economic education, KSE remains the only island, were changes are possible and are taking place. The system of economic education requires transformations and, certainly, this takes time, therefore, KSE can play the role of a driving force here, being a positive example of high quality of students, alumni and professors, as well as excellence in projects and research.

5. Which hobbies do you have? How do you prefer to spend your free time?

There are very little free time, but I try, at least, once-twice per week to play football. Also I enjoy watching football. Attended the European Championship, also sometimes travel to the matches of the English Premier League, very much like the atmosphere at the stadiums.

There are a lot of business trips in my work, but I enjoy traveling. For example, if I haven’t worked at the National Bank, I would, probably, have never been able to travel to New Zealand last year. I also like the Carpathians and in summer always try to travel to the mountains. We have already climbed the Goverla, Pope Ivan, have been to Gorgany. This year we had a ve ry tiring hike, we have covered 60 kilometers in three days. But I enjoy such kind of rest, especially with friends, whom I rarely see. As for my professional hobby, I would pick reading, though for the lack of time I now сatch to only read the “Economist” Magazine. For me this was a very important instrument to improve English. I read this magazine already for 12 years, almost every issue. This magazine is of a very high standard, which above specific economic knowledge, also gives an understanding of how the world is built. As for books, the last one I have read during my vacation, is the book by Daron Acemoglu and James Robinson “Why Nations Fail”. One of the books that have impressed me in the past time, is the book by a Ukrainian historian, Serhii Plohii about the collapse of the Soviet Union. If talking about a prose — this would be the book by Volodymyr Lys “Yakov’s Century”.

Kyiv School of Economics

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Official profile of the Kyiv School of Economics (KSE) http://www.kse.org.ua/uk/

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