The National Bank of Ukraine (NBU) is evaluating the potential for shifting its focus from the dollar to the euro.

This was reported by Reuters.

NBU Chairman Andriy Pyshny stated that this shift is driven by closer cooperation with the European Union, instability in global markets, and potential changes in international trade.

He emphasized that "implementing this initiative will require substantial preparation".

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

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

Ukraine anticipates EU membership by 2030. In a similar vein, Moldova has already adopted the euro as its reference currency this year.

The NBU forecasts that due to euro-integration and gradual recovery, the economy will grow by 3.7–3.9% over the next two years. However, future prospects are contingent on the developments of the war.

"A swift end to the conflict would undoubtedly be a positive scenario for the economy, provided it includes security guarantees for Ukraine," Pyshny noted. He also highlighted that positive effects "may not be immediately visible".

This year, Ukraine expects to receive 55 billion dollars in external assistance. In 2026, according to Pyshny, 17 billion dollars are anticipated, and in 2027, 15 billion dollars.