The National Bank of Ukraine -- the Central Bank of Ukraine -- is very conservative. Unlike other CBs in CIS countries -- Russia, Kazakhstan, Armenia -- it does not have a strong research department and does not have western PhD trained staff. When things looked good the NBU was efficient in every day routine management but when the financial crisis reached Ukraine they really had no clue of how to manage it. It will be interesing to learn what is the opinion of international auditors on the actions of the NBU:

KIEV, Ukraine (AP) — International auditors will probe the actions of Ukraine's central bank during the ongoing financial crisis in an effort to counter accusations of mismanagement and corruption at the bank, a bank official said Wednesday.