Will the dollar exchange rate soar in 2025: the head of the National Bank responded

The NBU's goal is the stability of the foreign exchange market.

The National Bank of 2025 will ensure the “stability” of the foreign exchange market. The dollar exchange rate “will not soar into space”.

This was stated by the head of the NBU Andriy Pyshnyy in an interview with the TV channel “We are Ukraine”.

According to him, the NBU does not give forecasts for the exchange rate. Pyshny stated that the rate, “determined by the state budget, is not and never has been a goal for the National Bank.”

“The stability of the currency market is our goal. Returning the currency market to the mode of operation of the maximum market mechanisms, I ask and offer, is also our goal,” the head of the National Bank emphasized.

He recalled that at the time of the full-scale NBU was forced to abandon the floating rate and inflation targeting. However, in October 2023, a decision was made to abandon the fixed rate and switch to a controlled flexibility mode.

According to him, “it was important that the rate began to act as a shock absorber, not a generator, and this is happening.”

“If we reduce all these complex matters to a single sentence, I can say: “Don't expect us to make the hryvnia fly into space,” the NBU head said.

Also, Pyshny explained, an important component of currency stability is the fact that gold and foreign exchange reserves at the end of 2024 will be more than $43 billion, and by the end of 2025 they will be $41 billion.

Recall that the director of the investment company Dragon Capital Tomas Fiala assessed whether the dollar could grow to UAH 46-47 next year. In particular, according to him, it is beneficial for the NBU to keep the exchange rate fairly stable.