NBU eyeing bigger role for euro in Ukraine's forex policy

MOSCOW. April 18 (Interfax) - The National Bank of Ukraine (NBU) is exploring the possibility of switching to the euro in foreign currency interventions, but continues to use the U.S. dollar in such operations for now.

"Through the specialized working groups at the National Bank, we are exploring the prospect of a comprehensive transition to the euro. Certainly, it will not happen in the near term," Ukrainian media quoted NBU Deputy Governor Yury Gelety as saying at a press briefing in Kiev.

Ukraine uses the U.S. dollar in its forex interventions, because the U.S. dollar is the main currency the hryvnia is pegged to, Gelety said.

The NBU is analyzing the current situation on the international market in terms of its impact on the gold and forex reserves management policy, he said, adding that if necessary, NBU stands ready to adjust the structure of the reserves, the bulk of which today is dollar-denominated assets.