Economy 2021-11-15T07:46:39+02:00
Ukrainian news
NBU Adopts New Way Of Calculation Of Official Hryvnia Rate

NBU Adopts New Way Of Calculation Of Official Hryvnia Rate

NBU, hryvnia, exchange rate, foreign currency, calculation

From November 1, the National Bank of Ukraine (NBU) has changed the procedure of calculation of the official exchange rate of the hryvnia to foreign currencies.

Ukrainian News Agency learned this from a regulator’s statement.

Until now, the official rate was calculated as the average weighted selling and buying rate, formed from the data in the System of Confirmation of Agreements at the Ukrainian Interbank Foreign Exchange Market.

This means it was reflecting the rate of the deals between banks, banks and their clients, banks and the NBU, and the NBU and its clients.

But from now forth, the calculation will include only agreements between banks and also between banks and the NBU.

The regulator underlines that this step is in line with the practice of developed countries where reference rates-equals of our official rate-are calculated on the basis of interbank quotations as they more objectively reflect the value of the national currency against foreign currencies.

Moreover, the central bank is updating the list of currencies for daily and monthly setting the hryvnia's official exchange rate to foreign currencies.

So far, the NBU on daily basis was setting the hryvnia's official exchange rate to 25 foreign currencies including those on the Foreign Currency Classifier and the checklist of the main trade partners, and also to four bank metals.

From now, the NBU on a daily basis sets the hryvnia's official exchange rate to 30 currencies of the countries that were Ukraine's biggest trade partners on completion of the first half of 2016 (including 20 currencies from group I of the Classifier) and also to further four currencies from group I of the Classifier that are not currencies of the key trade partners.

The rate will be also set to four bank metals.

As Ukrainian News Agency earlier reported, last time the NBU changed the procedure of calculation of the hryvnia's official exchange rate and the rate of bank metals in early April 2014.

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