Ukraine prepares for the euro era

Eastern Economist

KYIV - The new European currency, the euro, debuted in Europe on January 1, while Ukraine watched with mixed feelings. In late December, National Bank of Ukraine Chairman Viktor Yuschenko explained that the country would not rush to introduce the euro on its financial markets. Nevertheless, the NBU set an official hrv/euro exchange rate at 404.0433 hrv to 100 euros, according to Infobank, and the euro began trading at the Ukraine's international currency exchange on January 11. Preparations for the euro's entrance into Ukraine had begun in January 1998. Since last January, new accounting, reporting and statistics systems have been introduced to the banking system. Using these same standards, banks also began using a classical monitoring system for bank supervision. NBU plans for 1999 include adapting the banking system to more international liquidity and capitalization standards. The second stage of monetary provisions is set to be implemented in 1999, including forming hard currency reserves and possibly working with the euro.

Copyright © The Ukrainian Weekly, January 17, 1999, No. 3, Vol. LXVII

| Home Page |