The National Bank may change the currency for rate formation from dollar to euro: what does it mean

The National Bank of Ukraine is considering the possibility of changing the main currency for rate formation from the dollar to the euro due to the growing economic and financial ties with the European Union. This was stated by the first deputy head of the NBU, Serhiy Nikolaichuk, in an interview with 'Interfax-Ukraine.'

'When it comes to the currency for rate formation, we still consider the US dollar to be it. At present, the focus on it still prevails, despite all these structural changes. At the same time, we are studying this issue, and I think that certain changes should occur when necessary. Especially in the context of our eurointegration and the fact that sooner or later, we will have to convert most of our external indicators into euros,' Nikolaichuk said.

According to Nikolaichuk, since the beginning of the war with Russia, Ukraine's trade, economic, and financial ties with the EU have significantly strengthened, which is reflected in the changes in the structure of the country's international reserves.

The National Bank of Ukraine is considering the possibility of transitioning from the dollar to the euro as the main currency for rate formation due to the increasing ties with the European Union. This step is prompted by the country's eurointegration and changes in its external relations.