The National Bank of Ukraine is actively considering the possibility of switching to the use of the euro as the exchange rate currency. Despite the fact that the dollar remains the main exchange rate currency, with the strengthening of economic ties with the European Union, the euro is becoming increasingly significant in the context of the Ukrainian financial system.
The focus on the dollar is still present, but we are carefully monitoring the situation. Sooner or later, most indicators will be translated into euros.
According to the first deputy chairman of the NBU, Serhiy Nikolaychuk, historically, the hryvnia has been oriented towards the dollar, but with the rapid growth of European imports and international aid, which is coming in euros, the situation in the economy is changing.
Gradual transition to a multi-currency approach
Nikolaychuk also noted that the NBU has already begun transitioning to a multi-currency approach in reporting, although a decision to change the base exchange rate currency has not yet been made. Nonetheless, as of today, it remains the dollar.
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Speaking about the impact of global trends on Ukrainian exports, Nikolaychuk emphasized that the weakening of the dollar this year has its advantages for exporters, but overall may not significantly affect the country's trade balance.
The National Bank of Ukraine is considering the possibility of switching to the use of the euro as the exchange rate currency against the backdrop of strengthening economic ties with the European Union. This could help increase the significance of the euro for Ukrainian finances. The NBU is gradually transitioning to a multi-currency approach in reporting, but so far the dollar remains the main exchange rate currency.