Ukraine is preparing to make an unexpected decision on the dollar

Ukraine prepares for currency revolution: hryvnia may shift focus from dollar to euro

The National Bank of Ukraine is considering a historic policy change - transitioning from pegging the hryvnia to the US dollar in favor of the euro. This information was confirmed by NBU head Andriy Pyshny in his correspondence with Reuters.

The financial maneuver has serious foundations. As Pyshny noted, Ukraine's potential accession to the European Union makes orientation toward the euro strategically justified. Against the backdrop of global economic upheavals, the European currency shows more pronounced volatility, and the role of the European Union in supporting Ukraine's defense capabilities has significantly strengthened in recent times.

The trend toward "euroization" of the Ukrainian economy is already evident: the share of operations with the European currency in the country's foreign exchange market shows steady growth in almost all segments, indicating the growing influence of the euro on Ukraine's financial system.

Recall that earlier European Commission President Ursula von der Leyen advocated for accelerating Ukraine's EU accession process and proposed starting membership negotiations as early as 2025.