OR Ukraine processes its removal from the US dollar by connecting its currency more with the euro In the midst of the breakdown of world trade and its growing links with Europe, Central Bank Governor Andrei Pine told Reuters.
The possible accession to the European Union, “strengthening the role of the EU in ensuring our defense capabilities, the greatest volatility of global markets and the possibility of fragmentation of world trade”, are forcing Ukraine Central Bank to re -examine the euro.
“This project is complicated and requires high quality, multifaceted preparation,” the Pine added. The dollar dominates international trade and represents the majority of global stocks. Significant economies, including Saudi Arabia and Hong Kong, link their coins to the dollar.
But under President Donald Trump, the US has launched a trade war with the introduction of higher duties, a move that has prompted some observers to challenge the future role of the dollar as a global reserve currency.
Now, in the fourth year of the battle against Russia’s invasion, Ukraine also saw Trump temporarily interrupt military aid to the country.
European leaders have promised to strengthen the Kiev army to ensure that it can be the cornerstone of future security in Ukraine, but progress is difficult.
Since Trump’s return to the White House, the dollar (.dxy) has fallen more than 9% against important coins, as investors are withdrawing from the possession of US assets.
Transactions with the US dollar continue to dominate all sections of the currency market, Pyshnyi said, but the share of euro transactions is increasing in most sections although “so far moderate”.