Ukraine is considering switching from the dollar to the euro as its base currency – NBU Governor Pyshnyy

Ukraine is considering replacing the US dollar with the euro as the base currency for the hryvnia. This was reported by the head of the National Bank of Ukraine (NBU) Andriy Pyshny in a comment to Reuters, UNN reports.

DetailsAccording to him, potential accession to the European Union, “the increasing role of the EU in ensuring our defense capability, greater volatility in world markets and the likelihood of fragmentation of global trade” are forcing the NBU to reconsider whether the euro should be the base currency for the Ukrainian hryvnia instead of the dollar.

This work is complex and requires high-quality, comprehensive preparation

He clarified that operations with US dollars continue to dominate in all segments of the Ukrainian foreign exchange market, but the share of operations denominated in euros is growing in most segments, although “so far moderately.”

The revival of investment and consumer activity due to closer ties with Europe and the normalization of the economy would help economic growth to increase slightly over the next two years to 3.7-3.9%, Pyshny said, but added that the economic trajectory largely depends on the development of hostilities.

“A quick end to the war would definitely be a positive scenario with good economic results, if it included security guarantees for Ukraine. Nevertheless, it is important to recognize that it will probably take time to fully realize the economic benefits of ending the war,” the NBU governor summarized.

Let us remind youThe Ukrainian economy continues to gradually recover despite all the difficulties of the full-scale war. This was reported by Prime Minister Denys Shmyhal during a government meeting. He expressed gratitude to Ukrainian businesses that keep jobs and invest in Ukraine.

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