“He believes that the transition to the euro should not be perceived as a panacea.”, — write: www.unian.ua
He believes that the transition to the euro should not be perceived as a panacea.
The banker gave a forecast on a current topic / UNIAN photoUnder favorable military and economic circumstances, the hryvnia may be pegged to the euro no earlier than 2028.This opinion was expressed by the Vice President of the Association of Ukrainian Banks, Chairman of the Board of Globus Bank, Serhii Mamedov, in a comment sent to UNIAN. However, the expert believes that this is an ideal scenario, the implementation of which will require compliance with at least five basic requirements:
“Firstly, the number of export-import transactions in euros should significantly exceed similar indicators in other currencies, in particular in US dollars. Secondly, Ukraine’s accession to the EU should not only be declarative, but with the maximum integration of all state processes, the economy, legislation to the norms and principles of the European community”.
Thirdly, according to Mamedov, peace should come in Ukraine with clear security guarantees, which will prevent any encroachment of the aggressor country on Ukrainian statehood in the future.
In addition, it is necessary to attract powerful European investments in the post-war reconstruction and development of the country. Also, Ukraine must comply with basic democratic principles and postulates of the EU, such as freedom of speech, transparency of elections, fight against corruption, etc.
“The transition to the euro should not be perceived as a panacea. And we are definitely not talking about abandoning the hryvnia. Therefore, citizens should not be nervous when buying euros. This will be a completely natural and economically weighted process, which citizens will learn about in advance: at the stage of budget planning for the coming year,” Mamedov noted.
He added that for the time being, the US dollar will not be abandoned as the currency that sets the exchange rate. However, Ukraine declares a strategic goal, a vector of development, the implementation of which coincides with the strategic task of becoming a full member of the European Union.
Pegging the hryvnia to the euroEarlier, the National Bank of Ukraine announced that the euro will replace the dollar as the exchange rate-setting currency. It is noted that it should happen imperceptibly for the market. The decision was explained by Ukraine’s desire to join the European Union and gain access to its markets.
Member of the Verkhovna Rada Committee on Economic Development, People’s Deputy from “Servant of the People” Bohdan Kitsak said that such a transition would take about 5-10 years.
You may also be interested in news:
- Ukraine may receive 1.5 billion euros of investment in 2025, – Bloomberg
- The war in Ukraine will continue throughout 2025: the World Bank has published a forecast
- PrivatBank’s currency has become cheaper: what is the exchange rate of the dollar and the euro on Friday