US EditionUkraine considers shift from dollar to euro amid geopolitical realignments: Reuters
- Ukraine is considering shifting its currency reference from the U.S. Dollar to the euro amid growing ties to Europe and geopolitical shifts in 2025.
- This review follows continued conflict with Russia, EU accession talks, global trade volatility, and challenges linked to the dollar's dominance and U.S. Trade policies.
- Following Russia's invasion in 2022, Ukraine’s central bank introduced restrictions on capital flows and fixed the hryvnia exchange rate at approximately 29 per dollar. By late 2023, it transitioned to a managed exchange-rate system that references the U.S. Dollar to guide interventions and stabilize currency fluctuations.
- Central Bank Governor Andriy Pyshnyi said the dollar still dominates FX markets but euro-denominated transactions have risen moderately, while economic growth is forecast at 3.7-3.9%.
- The currency shift suggests Ukraine's strategic pivot toward the EU, with implications for monetary policy, reconstruction funding, and long-term security amid declining U.S. Aid.
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Ukraine considers shift from dollar to euro amid geopolitical realignments
Ukraine is starting to consider a shift away from the U.S. dollar, possibly linking its currency more closely to the euro amid the splintering of global trade and its growing ties to Europe, Central Bank Governor Andriy Pyshnyi told Reuters.
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