“The hryvnia is more of a benefit than a disadvantage”: NBU on Ukraine’s transition to the euro
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The Deputy Chairman of the National Bank, Serhii Nikolaychuk, believes that it is better for Ukraine to have its own currency and an autonomous monetary policy than to rush the transition to the euro.
Deputy Chairman of the NBU Serhii Nikolaychuk said this told in an interview with EP.
He believes that even after integration with the EU, Ukraine will not be ready for the transition from the hryvnia to the euro for a long time.
“The countries of Southern Europe that joined the Eurozone, primarily Greece and Portugal, faced many problems in the monetary sphere. If we compare them with the countries that left their own currencies, in particular with the Czech Republic and Poland, then the choice will clearly be in favor of the latter,” – Nikolaychuk explains.
These countries, he says, had plans to join the Eurozone 10-15 years ago, but currently this commitment is a matter of long-term perspective, and so far they are not taking concrete steps to introduce the euro.
“For our country to have its own currency and an autonomous monetary policy is more of a benefit than a disadvantage,” the Deputy Chairman of the National Bank of Ukraine emphasized, noting that after 2014, Ukraine has made significant progress in the institutional capacity of the central bank. “Therefore, it seems to me that there is no need to rush in the direction of abandoning our own currency and autonomous monetary policy.”
Read more: When the NBU will abandon the fixed exchange rate and how football affects the currency market. Interview with the deputy chairman
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