US EditionUkraine considers shift from dollar to euro amid geopolitical realignments: Reuters
- Ukraine, in the fourth year of conflict following Russia's 2022 invasion, is considering shifting its currency reference from the U.S. Dollar to the euro.
- This consideration follows growing ties with Europe, EU accession talks, increased market volatility, global trade fragmentation, and a declining dollar since Trump's return.
- The central bank currently manages the hryvnia's exchange rate against the dollar but notes a moderate rise in euro-denominated transactions despite dollar dominance in FX markets.
- Central Bank Governor Andriy Pyshnyi indicated that factors such as the EU's increasing involvement in bolstering Ukraine's defense, rising instability in international markets, and the likelihood of global trade becoming more fragmented are prompting a reassessment of whether to peg the hryvnia to the euro instead of the US dollar.
- The currency review implies a strategic realignment reflecting geopolitical shifts, though aid dependence and conflict outcomes will heavily affect Ukraine's economic trajectory.
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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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