First Deputy Governor of the National Bank, Serhiy Nikolaychuk, said that Ukraine has a sufficient level of foreign exchange reserves to restrain a significant increase in the dollar and euro exchange rates.
First Deputy Governor of the National Bank, Serhiy Nikolaychuk, said that Ukraine has a sufficient level of foreign exchange reserves to restrain a significant increase in the dollar and euro exchange rates.
Nikolaychuk reported this in an interview with the publication «Economic Truth».
«We see no reason for the exchange rate to „fly into space.“ We have a good „safety cushion“ — our international currency reserves, which at the beginning of 2026 reached almost $60 billion. This is twice as much as we had at the beginning of 2022. Plus, we continue to expect significant amounts of external financing,» Nikolaychuk said.
According to him, Ukraine currently has an «adequate level of reserves,» but it cannot be considered excessive. In addition, the metrics by which the IMF calculates the level of reserves are designed for countries that are not in a state of war. Serhiy Nikolaychuk notes that in such extraordinary conditions, having a reliable «safety cushion» for Ukraine is «exactly appropriate.»
«From our point of view, the dynamics of the exchange rate are not something that threatens price and financial stability. With this dynamics of the exchange rate, we have a decrease in inflation from the peak, almost 16% in May, to 7,4% in January,» the Deputy Chairman of the NBU indicated.
Recall that in early January, the National Bank set a record high exchange rate of the dollar and euro against the hryvnia. On January 9, the value of $1 approached 43 UAH (42.9904), and 1 euro for the first time broke the mark of over 50 UAH (50.1762). Recall that the state budget for 2026 set the dollar exchange rate at 45.7 UAH.
