The National Bank of Ukraine will introduce new approaches to the transfer of currencies before the official hryvnia exchange rate is established, as well as the transfer of currencies for the permanent establishment of the official exchange rate. Change to begin work on the 31st of February 2025.
The National Bank reports this, Ukrinform reports.
It was explained to the National Bank that the need for updated approaches is due to the significant increase in the level of automation of the expansionary sectors, which has changed the operational exchange and the risks of the deprivation of the official exchange rate for a wide flow currencies
“Looking at the price, the replacement of two currency transfers (spent and a thousand million) for the devolution of the official hryvnia exchange rate has lost its relevance, and the NBU is planning to move to one spent currency transfer, which is evident international investigation,” the National Bank said.
Thus, before the transfer of currencies, before the official hryvnia exchange rate is established, foreign currencies of the 1st group of the Classifier of Foreign Currencies and Bank Metals and foreign currencies issued by both countries and countries are included. According to the balance of payments data, no less than 95% of trade turnover with Ukraine was secured.
Transfer values are adjusted once every three years on the basis of current statistical data on commodity turnover.
At the same time, there is a possibility of changing this transfer more often, if for currencies that are previously included, trade with Ukraine will decrease below 90% or if changes are made to 1 group of the Classifier Foreign currencies and banking metals.
The changes have been confirmed, from 31 January the frequency of establishing the official hryvnia exchange rate to 11 currencies will be changed this month to the current one. Among them: Algerian dinar, baht, UAE dirham, dong, lari, Lebanese pound, Malaysian ringgit, Saudi royal, Serbian dinar, taka and Tunisian dinar.
“The official exchange rate of the hryvnia is not available for the following currencies: Russian ruble, Belarusian ruble, Brazilian real, Brazilian dram, Dominican peso, Iraqi dinar, Iranian rial, Libyan dinar, Moroccan dirham, new Taiwan dollar, Pakistani rupee, som, somoni, Turkmen new manat and Uzbek som,” the National Bank said.
Thus, the transfer of foreign currencies for the purpose of establishing the official hryvnia exchange rate includes 41 currencies and SDRs (special deposit rights).
The latest changes were confirmed by the resolution of the NBU board dated 24 February 2025, issue No. 36 “On the approval of the changes to the Regulation on the establishment of the official exchange rate of the hryvnia to foreign currencies and the expansion of the pre-government the exchange rate of the hryvnia to the US dollar and the financial price of bank metals, which is gaining importance since 31 January 2025.
The praise of new approaches to the significant transfer of currencies, before which the National Bank will soon establish the official exchange rate of the hryvnia, has undergone a huge discussion.
At the first stage of the project, we supported the meeting of the Contact Group of the penny and foreign exchange markets, which was held on June 26, 2024. At the hour of the meeting, there was no respect for the proposal for the project, the members of the Contact Group supported the introduction of approaches for consideration.
At another stage, which began on June 15, 2024, the National Bank posted a draft of new approaches to degrowth and publicized indicators of the currency market for large-scale discussion on the pages of its official The Internet representatives have encouraged everyone to submit their respected propositions until November 15, 2024. The meanings of the terms have no respect for the proposition.
According to Ukrinform, the National Bank has carried out 150 inspections of companies that have a license to carry out foreign exchange transactions and imposed fines of UAH 5.65 million for violating currency exchange rules, which will result in 1.4 million UAH.
Photo: NBU