Ukrainians are told when the hryvnia will be untied from the dollar and "switched" to the euro: how it will happen

Ukraine's transition from the dollar to the euro as the currency of exchange will be a long and slow process – it will take place gradually over 5-10 years, and Ukrainians will hardly feel it. It will be carried out by increasing the volume of transactions in the hryvnia-euro pair.

This was announced by MP Bohdan Kitsak ("Servant of the People"). He noted that the transition will also be made due to:

• growth in exports and imports;
• remittances of Ukrainians from abroad.

"We are moving in this direction. Will it happen in a year or two? This statement is wrong. This is a 5-10 year perspective and everything will happen gradually," said the MP.

For his part, MP Andrii Nikolaienko ("Batkivshchyna") emphasized that the untethering of the hryvnia from the dollar for the sake of the euro is important primarily for business. But ordinary people will not feel it, as "Ukrainians live in hryvnia and will continue to live in hryvnia."

"The euro will be used for foreign trade transactions, and Ukraine will receive revenue in euros rather than dollars. Given that the European integration course has been declared and the EU is a much bigger trading partner than the US, it looks like a reasonable step," he said.

Earlier, the First Deputy Governor of the National Bank of Ukraine Kateryna Rozhkova said that there will be no abrupt transition from the dollar to the euro – everything will happen slowly and imperceptibly. She also emphasized that now is not the best time to untie the hryvnia from the dollar for the sake of switching to the euro. After all, the country is at war.

According to her, the transition from the dollar to the euro will benefit the Ukrainian economy. In particular, Rozhkova noted, in the context of Ukraine's aspirations to join the European Union.

"Given our course towards the European community, this is a reality that will happen. If we want to become a part of the European Union, to have access to their markets as exporters and importers, it is clear that we must be pegged to the currency in which most transactions are conducted. Therefore, this is an inevitable future. So is our membership in the European Union," said the NBU First Deputy Governor.

However, she emphasized that there is no specific timeframe for the transition. "When and how (it will happen – Ed.) is another question," Rozhkova summarized.

As OBOZ.UA previously reported, Ukraine's accession to the Single Euro Payments Area (SEPA) will not happen overnight – it will take some time. The fact is that now the country is only in the process of implementing legislation in line with the European legal norms governing the banking sector, including interstate transfers.

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