“The dollar remains our primary exchange rate currency, and it still dominates despite structural shifts,” Nikolaychuk said.
“However, we are studying this issue, and I believe changes will occur when necessary, especially in the context of our EU integration, as we will eventually need to transition most external indicators to the euro.”
Ukraine has historically focused more on the hryvnia-dollar exchange rate than the euro, but trade, economic, and financial ties with the EU and other European countries have significantly strengthened since Russia’s full-scale invasion began.
Most imports now come from the EU, and international aid, particularly in 2024 and 2025, has primarily been provided in euros.
“This factor is driving changes in the structure of our international reserves, as government funds held in euros are included in these reserves,” said the central bank representative.
The NBU has already begun making adjustments, such as publishing the balance of payments and international reserves in euros and hryvnias alongside dollars and reporting reserves in euros, Nikolaychuk added.
“We are actively studying the issue, but I cannot say we have a clear plan to change the primary currency tomorrow or by year’s end. For now, the dollar remains the sole exchange rate currency,” he concluded.
Previously, the regulator stated it does not support including virtual assets in international reserves, deeming such a move premature.