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Марія БровінськаMoney
4 November 2026, 08:41
2026-11-04
The NBU is introducing a daily reference exchange rate of the hryvnia to the euro. How will it be calculated and who needs it?
The National Bank of Ukraine is introducing a new reference exchange rate of the hryvnia to the euro starting November 4. It will be calculated daily on business days as of 12:00 and published no later than 12:30. This was reported by the press service of the regulator.
The new indicator is intended to serve as a reference point for foreign exchange market participants, particularly when entering into forward contracts in euros. However, banks will not be required to use it in their own operations.
The National Bank of Ukraine is introducing a new reference exchange rate of the hryvnia to the euro starting November 4. It will be calculated daily on business days as of 12:00 and published no later than 12:30. This was reported by the press service of the regulator.
The new indicator is intended to serve as a reference point for foreign exchange market participants, particularly when entering into forward contracts in euros. However, banks will not be required to use it in their own operations.
How the NBU will calculate the euro exchange rate
To calculate the new indicator, the regulator will use two indicators: the reference exchange rate of the hryvnia to the US dollar as of 12:00 and the average value of the dollar to euro quotations Bloomberg FX Fixings (BFIX).
BFIX quotes will be taken for four time slots: 10:30, 11:00, 11:30, and 12:00 Kyiv time. The result will be published with an accuracy of four decimal places.
If BFIX quotes are unavailable, the NBU will use the last available dollar-euro exchange rate set by the European Central Bank.
According to the regulator, the new indicator is being introduced at the request of foreign exchange market participants. It is intended to simplify calculations for forward transactions in euros.
What else will change in the NBU’s calculations?
Starting November 4, the National Bank is also changing the methodology for calculating the official hryvnia exchange rates to other foreign currencies, special drawing rights (SDRs), and the accounting price of banking metals.
For this purpose, the average values of the relevant BFIX quotes recorded every 30 minutes from 10:30 to 15:00 will be used. If these data are not available, the regulator will use alternative sources: rates from the relevant central banks or Refinitiv for currencies, LBMA or Refinitiv data for banking metals, and for SDRs — the rates of a basket of currencies set by central banks.
Another change will come into effect on February 1, 2027. The NBU will begin to additionally publish information about transactions on the basis of which it calculates the official and reference hryvnia to dollar exchange rates. In particular, it will disclose the number and total volume of transactions, the minimum and maximum rates, and will also indicate whether the settlements took place under normal or special conditions.
The regulator will publish similar information for the Ukrainian Overnight Interbank Rate Index (UONIA): the number and volume of transactions, the minimum and maximum rates, and the type of index calculation. The new rules were approved by the NBU Board Resolution No. 125 and Decision No. 397-рш. Both documents come into force on November 4.
Why the NBU is increasing its attention to the euro
The introduction of a separate reference rate comes against the backdrop of the euro’s growing role in the Ukrainian economy. In May 2025, NBU Chairman Andriy Pyshny reported that the regulator was beginning to consider abandoning the hryvnia’s peg to the dollar in favor of the euro. At the same time, it was a matter of perspective, not of an immediate change in exchange rate policy.
The euro is increasingly used in foreign trade settlements. In October 2025, the NBU reported an increase in the share of settlements in the European currency, a trend that existed even before the full-scale invasion.
Until now, the main exchange rate benchmark in Ukraine has been the US dollar. However, fluctuations in the euro/dollar pair on international markets also affect the ratio of the hryvnia to the European currency. Therefore, changes in the dollar to euro exchange rate can cause different dynamics of the hryvnia against each currency.
The new reference rate will give market participants a separate daily reference for euro transactions. However, its introduction does not mean that the NBU is already changing the main exchange rate reference for the hryvnia from the dollar to the euro.
