Ukraine, in the process of acquiring membership in the European Union, will commit to transitioning to the euro; however, this process will take quite some time. This was stated by the Deputy Governor of the National Bank of Ukraine, Serhiy Nikolaychuk.
This is reported by Finway
Long Road to the Euro
According to Serhiy Nikolaychuk, the dollar currently holds more historical significance for Ukraine, but with the future accession to the EU, the situation will gradually change. He noted that after joining, financial and economic relations with eurozone countries will strengthen, and key indicators of the external sector will begin to be accounted for in euros. As a result, Ukraine will have to change its currency formation from the dollar to the euro.
“If we talk about our future, our future is membership in the European Union. In gaining this membership, we must commit to transitioning to the euro in the more distant future,” said NBU Deputy Governor Serhiy Nikolaychuk in an interview with Forbes Ukraine.
Impact on Citizens and Businesses
Serhiy Nikolaychuk emphasized that the transition to the euro will not significantly affect the daily lives of citizens, and for businesses, the changes are unlikely to be materially significant. He added that even in 10-15 years, Ukraine will only be assessing Kyiv’s readiness to transition to the euro and the necessity of this step. Meanwhile, many EU member states still use their national currencies, despite having made similar commitments regarding the prospect of transitioning to the euro.