The National Bank of Ukraine (NBU) has made significant changes to the mechanism for determining the official exchange rate, aimed at increasing flexibility and efficiency in this process. Instead of the traditional approach, where the exchange rate was set directly by the National Bank, it will now be based on exchange operations taking place on the interbank market.
Under the new regime, the official exchange rate will no longer be fixed but will remain under the control of the National Bank. This innovation will allow the exchange rate to reflect real demand and supply in the currency market, promoting greater flexibility in response to economic conditions.
During the transitional period, the National Bank of Ukraine will actively intervene in the currency market to control the situation and compensate for any potential currency deficits. This will help maintain stability in the exchange rate and protect the interests of citizens and the economy.
The National Bank explains that the transition to the new mechanism became possible thanks to careful preparation, involving international experts, and taking into account the best global practices. Additionally, the stability of macroeconomic indicators, such as inflation reduction, accumulation of international reserves, and the attractiveness of hryvnia deposits and domestic government bonds (OVDP) as instruments for protecting against inflation risk, has been considered.
These measures are aimed at ensuring greater stability and efficiency in the financial market, the economy, and the protection of citizens' interests in the context of changing the exchange rate determination system.