The National Bank of Ukraine (NBU) has introduced new approaches to determining the list of currencies to which the official hryvnia exchange rate is set daily, and has also canceled the list of currencies for monthly setting of the official exchange rate.
This is stated in the NBU message, Ukrainian News Agency reports.
The changes came into effect on March 31, 2025.
The need to update the approaches is due to a significant increase in the level of automation of calculations, which reduced operational restrictions and risks of daily calculation of the official exchange rate for a wide list of currencies.
In view of this, the use of two lists of currencies (daily and monthly) to calculate the official hryvnia exchange rate has lost its relevance, and the NBU decided to switch to one daily list of currencies, which corresponds to international experience.
The list of currencies to which the official hryvnia exchange rate will be set will include foreign currencies of Group 1 of the Classifier of Foreign Currencies and Bank Metals and foreign currencies issued by countries that, according to the balance of payments data of the previous year, provided at least 95% of trade turnover with Ukraine.
The specified list will be adjusted once every three years based on current statistical data on trade turnover.
At the same time, the possibility of adjusting this list more often will remain if, for the currencies included in it, trade turnover with Ukraine decreases below 90% or if changes are made to Group 1 of the Classifier of Foreign Currencies and Bank Metals.
Taking into account the approved changes, from March 31, 2025:
- the frequency of setting the official hryvnia exchange rate for 11 currencies will be changed from monthly to daily. Among them: Algerian dinar, baht, UAE dirham, dong, lari, Lebanese pound, Malaysian ringgit, Saudi riyal, Serbian dinar, taka and Tunisian dinar;
- the official hryvnia exchange rate will not be calculated for the following currencies: russian ruble, Belarusian ruble, Brazilian real, Armenian dram, Dominican peso, Iraqi dinar, Iranian rial, Libyan dinar, Moroccan dirham, New Taiwan dollar, Pakistani rupee, som, somoni, Turkmen new manat and Uzbek sum.
Thus, the list of foreign currencies for the daily establishment of the official hryvnia exchange rate will include 41 currencies and SDRs (special drawing rights).
The relevant changes were approved by the NBU Board Resolution No. 36 dated March 24, 2025 "On Approval of Amendments to the Regulation on Establishing the Official Hryvnia Exchange Rate to Foreign Currencies and Calculating the Reference Value of the Hryvnia Exchange Rate to the US Dollar and the Accounting Price of Bank Metals", which comes into force on March 31, 2025.
As Ukrainian News Agency earlier reported, the adoption of new approaches to determining the list of currencies to which the National Bank sets the official hryvnia exchange rate on a daily basis was preceded by a public discussion.
At the first stage, the project was supported at a meeting of the Contact Group for Money and Foreign Exchange Markets, which was held on September 26, 2024.
During the meeting, no comments or proposals were received on the project, and the members of the Contact Group supported the approaches submitted for consideration.
In the second stage, which began on October 15, 2024, the National Bank posted a draft of new approaches to the calculations and publication of foreign exchange market indicators for public discussion on the pages of its official online representation and invited all interested parties to submit their comments and suggestions by November 15, 2024.
No comments and suggestions were received by the specified deadline.
The National Bank introduced managed exchange rate flexibility from October 3, 2023. The NBU abolished all currency restrictions for the import of works and services and allowed the repatriation of "new" dividends.
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