The National Bank plans to peg the hryvnia exchange rate to the euro instead of the dollar.
The National Bank of Ukraine plans to replace the exchange rate currency – instead of the dollar, this role will be played by the euro. But for ordinary Ukrainians, as the NBU promises, this transition will happen slowly and unnoticed. However, the specific timeframe for the implementation of this important step has not yet been announced.
First Deputy Head of the NBU Kateryna Rozhkova spoke about this in an interview with the channel “We are Ukraine”.
According to Rozhkova, under martial law, it is not the time to abandon the dollar for the sake of tying the exchange rate to the EU currency.
“Now, during a period of challenges associated primarily with the war, which in themselves are a shock to the economy, perhaps this is not the best time… We will avoid any shocks,” the Deputy Head of the NBU noted.
At the same time, Rozhkova noted that the transfer of the hryvnia exchange rate mechanism from the dollar to the euro would be beneficial to the Ukrainian economy. This would also be another step towards European integration and would emphasize Ukraine's intention to become a full member of the EU.
“Considering our course towards the European community, this is definitely a reality that will happen. If we want to become part of the European Union, have access to their markets as exporters, as importers, it is clear that we must be tied to the currency in which we conduct most of our transactions. Therefore, this is an inevitable future. Like our membership in the EU,” she emphasized.
Ekaterina Rozhkova clarified that the specific timing of the change in the exchange rate currency is not being discussed.
“When and how [this will happen – ed.] is another question,” the First Deputy Head of the NBU concluded.
We remind you that the NBU assures that it has enough tools and resources to maintain the stability of the foreign exchange market in Ukraine. There is no shortage of currency or rush demand for foreign currency.
