The National Bank of Ukraine is exploring the possibility of transitioning from dollar reliance to linking the hryvnia to the euro.

This was reported by Reuters.

NBU Chairman Andriy Pyshny noted that one reason for this consideration is closer cooperation with the European Union, instability in global markets, and potential fragmentation of global trade.

He emphasized that "this initiative is complex and requires thorough preparation."

Currently, the dollar remains the primary currency for NBU's currency interventions, but the share of euro transactions is "moderately increasing" across various market segments.

Following the onset of Russia's full-scale invasion in 2022, the NBU fixed the exchange rate at around 29 UAH per dollar, and since October 2023, it has transitioned to a managed exchange rate regime, focusing on the dollar.

Ukraine anticipates joining the European Union by 2030. Similarly, Moldova has already switched to euro as its reference currency this year.

The NBU forecasts that thanks to EU integration and gradual recovery, the economy will grow by 3.7–3.9% in the next two years, but future prospects depend on the war's development.

"A quick end to the war would undoubtedly be a positive scenario for the economy, especially if it involves security guarantees for Ukraine," Pyshny noted. He added that positive effects "might not be immediately visible."

This year, Ukraine expects to receive $55 billion in foreign aid. In 2026, according to Pyshny, $17 billion is expected, and in 2027 — $15 billion.