The revised methodology of the National Bank of Ukraine for calculating the official UAH\/USD rate has taken effect.\r\nThe National Bank of Ukraine announced this in a statement, Ukrainian News Agency reports.\r\nIn compliance with a resolution of the Ukrainian central bank the official UAH\/USD rate will be calculated on the basis of information on all USD purchase\/sale agreements on tod, tom, and spot terms executed on the calculation date in the interbank foreign exchange market of Ukraine with other banks and with NBU, and information on which was provided to the NBU by trade information systems before 3.30 p.m. of the respective business day.\r\nThe revised methodology provides for a two-stage system for discard of transactions, the parameters of which for various reasons deviate from the parameters of the vast majority of transactions of the respective day, and, therefore, such transactions are not representative for their inclusion in the calculation of the official UAH\/USD exchange rate.\r\nFirst, from the current range of transactions, all transactions, the exchange rate of which deviates from the arithmetic mean for all transactions by more than 2% are discarded. Then the transactions, the rate\/volume of which deviates from the arithmetic mean rate\/volume by more than 2 standard deviations are discarded. The calculation of the official UAH\/USD exchange rate will be carried out as the weighted average of all transactions remaining after the discard.\r\nThe official rate will be published on the website of the National Bank before 4.00 p.m., i.e. 2 hours earlier than before.\r\nThe new principles for calculating the official UAH\/USD exchange rate also provide for a backup mechanism for its calculation if the number of transactions to be taken into account for the calculation of the official hryvnia rate for any reason is less than or equal to 10% of the average daily value of the same indicator for the previous running months.\r\nThis mechanism provides for the central bank to request banks from noon to 1.00 p.m. (through the trading systems or telephone) to submit quotations for the purchase\/sale of USD 1 million and to further calculate the official rate as a general arithmetic mean of all the quotations received as a result of such request.\r\nThere was no backup methodology for the calculation of the official exchange rate of hryvnia to foreign currencies.\r\nThe rules for the calculation of the official exchange rate of hryvnia to foreign currencies remained unchanged.\r\nIn addition to the official UAH\/USD exchange rate, the central bank will also conduct a daily calculation of a reference UAH\/USD exchange rate.\r\nIt will be calculated according to the same methodology as the official UAH\/USD exchange rate, but its calculation will be based on data on transactions concluded at the interbank foreign exchange market of Ukraine before noon and will be published on the web-site of the National Bank before 12.30 p.m.\r\nThe Board of the National Bank endorsed resolution No.80 on July 19.\r\nIt took effect on August 1, 2018.\r\nAs Ukrainian News Agency earlier reported, before August 1, 2018, the official hryvnia exchange rate was calculated as the average weighted value for all above interbank transactions per day based on the data from the System for Confirmation of Deals in Ukraine’s Interbank Foreign Exchange Market (also known as ValCli), i.e. without the discard of unrepresentative transactions.