When the euro may start circulating in Ukraine: the year has been named

As Ukraine gradually integrates into the EU, the country is discussing the possibility of introducing the European currency. Find out when the euro may be introduced in Ukraine

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The issue of introducing the euro in Ukraine remains a subject of discussion, but we can talk about its circulation in the market no earlier than 2035. This was stated by Danylo Hetmantsev, a member of the Verkhovna Rada from the Servant of the People faction and chairman of the Parliamentary Committee on Finance, Taxation and Customs Policy, in an interview with Ukrainian News.

‘So it's too early to talk about it for sure, and even if we join the European Union, we will be able to talk about it no earlier than 2035. This is a fairy-tale scenario that the euro will appear in Ukraine in 2035,’ the MP said.

Hetmantsev stressed that even if Ukraine joins the EU, the transition to the euro is not automatic and inevitable. As an example, he cited the experience of a number of European countries, such as Poland, the Czech Republic, Hungary, Bulgaria and Romania, which are in no hurry to abandon their national currencies.

The MP also noted that even Denmark, when joining the EU, managed to agree to retain its own currency, and in Sweden, in a referendum, citizens expressed a desire to retain the national currency instead of the euro.

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What will it take to introduce the euro into circulation?

In the context of discussions on the possible introduction of the euro, the topic of a transition period was also discussed, when both the national currency, the hryvnia, and the euro could be in circulation at the same time. This will help ensure a gradual transition and adaptation of the financial system to the new conditions.

Representatives of the banking sector are also taking part in the discussion. Serhiy Mamedov, Vice President of the Association of Ukrainian Banks and Chairman of the Board of Globus Bank, predicts that under favourable military and economic circumstances, the hryvnia will be pegged to the euro as the main foreign currency no earlier than 2028. However, the expert notes that this would be an ‘ideal’ scenario, which would require a number of key conditions to be met and at least five basic requirements to be met.

Thus, although the prospect of introducing the euro in Ukraine is being discussed at a high level, both among legislators and economists, the timing of its implementation remains quite remote. And even in case of joining the European Union, the process of switching to the euro may take several more decades, due to both domestic economic conditions and examples of other European countries that prefer a gradual introduction of the euro instead of a sharp transition.

We remind you! The National Bank of Ukraine intends to test the digital hryvnia next year. We told you how the pilot project is planned to be conducted and what is generally known about the launch of Ukrainian electronic money.

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