Ukraine, upon joining the EU, will commit to adopting the euro, — Deputy Head of the National Bank

Ukraine, upon joining the EU, will commit to adopting the euro, — Deputy Head of the National Bank

Ukraine is currently only exploring the issue of changing the base currency from the dollar to the euro. This will not happen in the short term.

This was stated to Forbes by the Deputy Governor of the National Bank of Ukraine, Serhiy Nikolaychuk.

“The dollar is our base currency. Most of the indicators that the NBU works with are measured in dollars. However, our future is membership in the European Union. Once we acquire it, we will be obliged to eventually switch to the euro. When we are in the EU, naturally, our main external sector indicators will be measured in euros. At some point, we will have to change our base currency from the dollar to the euro. We are exploring this issue, analyzing the pros and cons. But in the short term, this issue is not being considered," said Nikolaychuk.

He also responded to whether Ukraine is ready to abandon the hryvnia in favor of the euro. According to Nikolaychuk, in 10-15 years, Ukraine will only be assessing whether this is necessary.

"Many EU countries still find it appropriate to have their own currencies and are quite categorical about this. Although, upon joining the EU, they undertake commitments to switch to the euro in a certain perspective," he added.