The National Bank of Ukraine is changing its approach to determining the list of currencies for which the official exchange rate of the hryvnia is set, abandoning the calculation of the hryvnia exchange rate to the Russian ruble in particular from March 31, UNN writes with reference to the NBU's announcement.
Details
In general, the NBU is changing its approach to determining the list of currencies for which the hryvnia exchange rate is set in two directions:
- updates the approach to determining the list of currencies for which the official hryvnia exchange rate is set daily;
- cancels the list of currencies for monthly establishment of the official exchange rate.
The changes will take effect on March 31, 2025.
How the changes will be applied
The list of foreign currencies for the daily setting of the official hryvnia exchange rate will include 41 currencies and SDR (special drawing rights).
It will include foreign currencies of the 1st group of the Classifier of Foreign Currencies and Bank Metals and foreign currencies issued by countries that, according to the balance of payments of the previous year, provided at least 95% of trade with Ukraine.
This list will be adjusted once every three years on the basis of current trade statistics, or more often if:
- for currencies included in it, trade will decrease below 90%;
- changes will be made to the 1st group of the Classifier of Foreign Currencies and Bank Metals.
Considering the approved changes, from March 31, 2025:
- the frequency of setting the official hryvnia exchange rate will be changed from monthly to daily for 11 currencies. These are the 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.
Why this is appropriate
A significant increase in the level of automation of calculations has reduced the operational constraints and risks of daily calculation of the official exchange rate for a wide range of currencies. In view of this, the NBU decided to switch to a single daily list of currencies, which corresponds to international experience.