Ukraine’s transition to the euro will only be possible after it achieves full membership in the European Union and fulfills all the required economic conditions. This was stated by Deputy Governor of the National Bank of Ukraine, Serhiy Nikolaychuk, reports Baltimore Chronicle via Forbes Ukraine.
According to the NBU representative, a key prerequisite for adopting the single European currency is compliance with the so-called Maastricht criteria. These requirements include price stability, a balanced national budget, controlled public debt levels, stable exchange rates, and consistent interest rates.
Nikolaychuk emphasized that Ukraine does not yet meet these economic standards, which are mandatory for EU member states seeking entry into the eurozone. In his words, the country must first undergo a complex path of reforms, involving both political and economic transformations.
He also added that the signing of the Association Agreement or Ukraine’s acquisition of EU candidate status does not mean an automatic transition to the euro. These are only initial stages in a long-term process that requires not only political integration but also deep economic convergence with the EU.
As of now, Ukraine’s national currency remains the hryvnia, and according to the National Bank official, there are no current plans to replace it in the near future.
Earlier we wrote that NBU to change cash accounting: new classification for the hryvnia.