News / Forex news
The Governor of the Central Bank of Ukraine stated that the country has begun to study the transition away from the US dollar, with the possibility of linking its currency more closely to the euro amidst the disintegration of global trade and the increasing economic ties with Europe.
The Central Bank Governor explained in his statements to Reuters that Ukraine’s potential accession to the European Union would compel the country to reconsider adopting the euro as the reference currency for its national currency instead of the US dollar, in a move that could be strategic for improving economic relations with the EU and enhancing monetary stability.
This announcement comes at a sensitive time, especially after Ukraine and the United States signed a new agreement granting the United States privileges in new Ukrainian mineral transactions, in addition to financing investments in the reconstruction of the country. Despite the strong relationship between Ukraine and the United States, Kyiv seeks to strengthen its economic ties with Europe, in line with its aspirations to join the European Union.
It is noteworthy that the US dollar, which accounted for about 58% of foreign reserves in central banks worldwide in the last quarter of 2024, has seen a significant decline compared to previous years. According to the International Monetary Fund, this percentage was 71% in 1999. This decline reflects significant changes in the global economy and a shift towards diversifying international currency reserves.
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