Dollar or euro: which has a greater impact on prices in Ukraine, and which is better to choose for foreign currency savings
Kyiv • UNN
Experts explained why the dollar is the main currency for pricing in Ukraine and the best choice for long-term savings. The euro is more appropriate for short-term speculation due to its instability.
The hryvnia exchange rate in Ukraine directly depends on the situation on global currency markets, the dollar-euro ratio, and imports. Experts explained to a UNN journalist why the dollar remains the key currency for pricing in Ukraine, and which foreign currency is more advisable to choose for savings in the short and long term.
Impact of exchange rate changes on prices in Ukraine
As economic expert Oleksandr Okhrimenko noted in a comment to UNN, a large part of goods in Ukraine are currently imported, which is why the exchange rate is constantly recalculated. He notes that, for example, fuel prices will rise if the foreign currency exchange rate rises.
As for the future, Ukraine experiences significant devaluation from time to time. Currently, we are indeed observing a devaluation of the hryvnia, but I draw attention to the fact that it is not as active, not as terrible as some fear. If you recalculate how much the hryvnia has devalued, it will be 1%, which is very little.
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What is more profitable to buy and in which currency is it better to keep money?
The NBU pegs the Ukrainian national currency exclusively to the dollar. The fact that the euro exchange rate has now gone up is precisely a manifestation of the dollar currently falling against the euro. 1.2 dollars are given for 1 euro. In the last week, it jumped due to Trump's policy.
Instead, Okhrimenko noted that in Ukraine, the euro exchange rate depends on the euro-dollar exchange rate. According to him, as soon as problematic events occur on the world market, changes occur in the dollar-euro ratio, particularly after US President Donald Trump's threats to introduce tariffs.
This affects the exchange rate. Therefore, the euro-dollar ratio is a chaotic, risky, unpredictable process. As a result, if you want to "play" on the currency, then it is better to buy euros. Because this exchange rate changes more actively. You can indeed earn on this panic, because the dollar-hryvnia exchange rate is more stable, I would even say, "boring." If you say: "I want to buy it so it lies for 10-20 years," then it's only dollars.
He notes that the devaluation of the hryvnia will continue, especially after the war.
Therefore, from my point of view, having savings in foreign currency is appropriate. If we are talking about savings in foreign currency, then yes - it's dollars. If you want to "play short-term," then it's euros, if long-term, then it's dollars.