Despite the depreciation of the dollar on global markets, it will remain a significant part of Ukraine’s foreign currency reserves, with all associated risks under control, reports Baltimore Chronicle with reference to the National Bank of Ukraine.
At the “Banking Market 2025” forum organized by Economic Truth, NABU, and Mastercard, NBU Governor Andriy Pyshnyi stated that the dollar accounts for 83% of the country’s currency reserves and has recently been actively depreciating against other global currencies. When asked about the risks this poses, Pyshnyi acknowledged their existence but emphasized that the regulator is actively responding with appropriate measures.
“Is the dollar under threat? The issue concerns volatility. The American economy is deep, and the capital markets are strong. It is not appropriate to say that the dollar should be ‘written off’ — it will continue to play a significant role,” the NBU head said.
He noted that every national bank makes decisions it deems most effective by diversifying reserves to ensure they are protected and efficiently managed. Pyshnyi believes the National Bank of Ukraine is successfully handling this task.
“Currently, I do not see any major shifts. We monitor volatility and take the necessary technical decisions,” the regulator added.
Earlier we wrote that global exporters turn away from the dollar.