Economy

Rules for calculating the exchange rate will change in Ukraine

The National Bank of Ukraine is introducing new approaches to determining the list of currencies against which the official hryvnia exchange rate is set on a daily basis, and is also canceling the list of currencies for setting the official exchange rate on a monthly basis. This is reported by Komersant ukrainskyi with reference to the NBU press service.

The changes will take effect on March 31, 2025.

According to the new rules, the list of currencies for which the exchange rate was set on a monthly basis is canceled, and all changes will be implemented in accordance with international experience.

Why is the NBU changing its approach?

The updated approach to calculating the official hryvnia exchange rate is driven by technological progress. By automating its processes, the NBU has significantly reduced operational risks and limitations associated with the daily determination of exchange rates for a wide range of currencies. Previously, the bank used two lists: daily and monthly. However, as the efficiency of settlements grew, there was no need for such a division.

The NBU decided to move to a single daily list that meets international standards. This will simplify the work of financial institutions and make the FX market more transparent and predictable.

How will the list of currencies be formed?

The list of currencies for which the official hryvnia exchange rate will be set will include:

• Foreign currencies of the 1st group of the Classifier of Foreign Currencies and Bank Metals.
• Currencies of countries that account for at least 95% of trade turnover with Ukraine according to the previous year’s balance of payments.

The list will be reviewed every three years based on trade statistics. Unscheduled adjustments may also be made if the share of a particular currency’s trade turnover falls below 90% or if changes are made to the Classifier of Foreign Currencies.

What currencies will be included in the new list?

The daily list of currencies against which the official hryvnia exchange rate will be set will include:

• Currencies of Group 1 of the Classifier of Foreign Currencies and Bank Metals.
• Currencies of countries that accounted for 95% of trade with Ukraine according to the previous year’s balance of payments.

The list will consist of 41 currencies and SDRs. The list will be updated every three years based on the latest trade data. If the trade turnover with a particular country falls below 90% or if the 1st group of the Classifier changes, the NBU will be able to adjust the list more often.

Which currencies will get a daily exchange rate?

Starting March 31, 2025, the hryvnia exchange rate will be set daily against 11 additional currencies:

• Algerian dinar
• Baht
• UAE dirham
• Dong
• Lari
• Lebanese pound
• Malaysian ringgit
• Saudi riyal
• Serbian dinar
• Taka
• Tunisian dinar

Thus, the total list of currencies for the daily hryvnia exchange rate will include 41 currencies and SDRs (special drawing rights).

Which currencies will no longer have an official exchange rate?

The National Bank of Ukraine will no longer set the official hryvnia exchange rate to 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
• Kyrgyz som
• Tajik somoni
• Turkmen new manat
• Uzbek sum

Official documents and discussion

The amendments were approved by the NBU Board Resolution No. 36 dated March 24, 2025. They are based on the results of a public discussion held in 2024. No suggestions or comments were received from market participants during the discussion.

What does this mean for Ukrainians and businesses?

The updated approach will simplify the work of banks, financial institutions, and businesses that depend on official exchange rates. The daily calculation for 41 currencies will make the hryvnia more closely tied to Ukraine’s key trading partners. The abolition of exchange rates for currencies of countries with low trade turnover, such as Russia and Belarus, reflects the country’s changing economic priorities in the context of Russia’s war against Ukraine.

For citizens, this may mean more stable access to current exchange rates that affect imports of goods and international transfers. At the same time, the transition to a single list eliminates the confusion associated with different frequency of exchange rate updates.