Another step towards EU integration. The statement about the dollar and euro is political, says Dmitry Alekseenko.

Dmitry Alekseenko, Vice President of ICC Ukraine, provided an explanation for "Telegraph" regarding the statement made by the first deputy head of the National Bank of Ukraine, Ekaterina Rozhkova, about Ukraine transitioning from the dollar to the euro as the primary currency influencing the country's exchange rates.

https://news.telegraf.com.ua/blogi-mnenija/2025-01-16/5894388-eshche-odin-shag-po-puti-k-integratsii-v-es-zayavlenie-o-dollare-i-evro-politicheskoe2025-01-17 07:40:49

This is more of a declarative statement outlining future prospects. Specific timelines for this transition are not indicated and are unlikely to be known at all.

Currently, this will not impact the economy or ordinary citizens in any way. Such a statement is aimed at deeper integration into the eurozone economy in the context of Ukraine's integration into the EU.

Overall, more than 70% of global transactions are conducted in dollars, and its share is only increasing. The dollar is the primary reserve currency in the world, steadily strengthening against other currencies, while the euro is gradually losing its position. Its share in international transactions fell to 21% in 2024, down from 36% in 2020-2022.

Moreover, the euro's exchange rate has dropped by 10% against the dollar over the past year. I consider this statement to be more political, as yet another step towards EU integration, and there is currently no economic substance to it. We will see how and when this will be implemented in practice, and only then can conclusions be drawn about the consequences for the Ukrainian economy as a whole.