Ukraine mulls transition from U.S. dollar to euro as primary foreign currency

This was stated by the head of the National Bank of Ukraine, Andriy Pyshnyi, Reuters reports.

"Potential accession to the European Union, a ‘strengthening of the EU's role in ensuring our defense capabilities, greater volatility in global markets, and the probability of global-trade fragmentation,’ are forcing the central bank to review whether the euro should be the reference currency for Ukraine's hryvnia instead of the dollar," said the head of the National Bank of Ukraine.

According to him, this work is "complex and requires high-quality, versatile preparation."

Pyshnyi added that dollar transactions continue to dominate all segments of the foreign exchange market, but the share of euro-denominated transactions is increasing in most segments, although "so far moderately."

• The National Bank is working on a draft law on payment discipline, which envisions creating a registry of Ukrainians who have used their bank accounts for money laundering and other illegal activities.