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The NBU decided to leave the peg of the hryvnia exchange rate to the dollar

Photo: NBU Press Center

Among transactions involving the purchase of non-cash currency by clients, the share of transactions in euros is close to 50%.

The growing role of the euro in Ukrainian communities may lead to the fact that in the future the National Bank will abandon the dollar as the main exchange rate peg currency. The regulator announced this the previous day.

It is indicated that the Oversight Council of Money and Foreign Exchange Market Indicators on February 28 for the first time conducted a periodic review of foreign exchange market indicators (the official exchange rate of the hryvnia in foreign currencies, the discount price of banking metals and the reference value of the Hryvnia exchange rate to the US dollar).

As noted by the meeting participants, the currency structure of transactions in the Ukrainian foreign exchange market confirms the status of the US dollar as the main exchange rate-setting currency. At the same time, in the segment of bank transactions with clients, the share of euro transactions in the total volume has increased since the pre-war period. In particular, for transactions involving the purchase of non-cash currency by clients, the share of transactions in euros is close to 50%.

“The continuation of this trend, taking into account the European integration aspirations of Ukraine, may in the foreseeable future raise the issue of the advisability of switching from the dollar to the euro as the main currency of the exchange rate peg,” said message.

And at the current stage, as noted by external members of the Oversight Council, market participants already need to calculate an indicator of the reference value of the hryvnia to the euro exchange rate at 12 o’clock.

Based on the results of the inspection, the following conclusions were made:

  • the indicators of the foreign exchange market of Ukraine and the procedure for their calculation meet the conditions and needs of the market, at the same time it is advisable to add them to the calculation of the reference value of the hryvnia to the euro exchange rate of 12 aces ;

  • It is advisable to switch to a unified (daily) list of currencies to establish the official exchange rate of the hryvnia, and also stop sending information about the established official exchange rate to NBU subscribers email system.


Periodic analysis of foreign exchange market indicators is a special procedure, its purpose is to assess the presence of structural changes in the market and/or the emergence of other grounds that may indicate the need to replace existing indicators, correct their methodology or something else. important aspects related to their calculation and publication (time calculation, publication method, etc.). The periodic inspection is carried out by the Oversight Council of currency and foreign exchange market indicators. It was first held in February 2024.

Let us remind you that last week the National Bank sharply increased sales of foreign currency. This is happening for the third time in a row.

The NBU named additional measures to ease currency restrictions
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Source: korrespondent

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