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Укр "Pegging the hryvnia to the euro is possible only after the war" — Andriy Dubas
President of the Association of Ukrainian Banks Andriy Dubas commented on the idea of pegging the hryvnia to the euro on Ukrainian Radio. In his opinion, this is currently a premature initiative that does not take into account the realities of wartime and the current economic situation.
In a conversation with host Serhiy Stukanov, the AUB President emphasized that the current currency policy of the National Bank is balanced and allows to contain inflation. At the same time, the hryvnia exchange rate is not completely free, but partially floating and regulated.
"We now have a partially floating exchange rate regulated by the National Bank, and this makes it possible to contain inflation and at the same time prevent a sharp devaluation," Andriy Dubas noted.
He emphasized that any discussions about fixing the hryvnia exchange rate to the euro make sense only after the end of the war, the restoration of the economy, and the construction of a new financial system.
"We cannot talk about pegging the hryvnia to the euro in wartime conditions. This is possible only after the end of the war, after the restoration of the economy, after building a new financial system," said the president of the Association of Ukrainian Banks.
According to Dubas, a fixed exchange rate may limit the National Bank's flexibility in responding to crisis events.
"Pegging a currency to the euro means a loss of flexibility in monetary policy. In a crisis, this can become a trap," he warned.
At the same time, Ukraine's European integration course, according to the expert, has a much broader meaning than just a currency peg.
"European integration is not just about currency, it's about standards, about the regulatory environment, about trust in the financial system," Dubas explained.
In conclusion, he emphasized that the primary task for the state should not be a technical peg to another currency, but rather strengthening its own national currency:
"We need to build trust in the hryvnia, not create the illusion of stability through a rigid peg," the AUB president noted.
