In brief: The National Bank of Ukraine introduced a daily hryvnia-to-euro reference exchange rate on Nov. 4. The new financial benchmark aims to support growing euro-denominated transactions driven by Ukraine's deepening economic ties with the EU.
The National Bank of Ukraine (NBU) launched a new currency market benchmark on Nov. 4, introducing a daily reference exchange rate for the Ukrainian hryvnia against the euro.
Developed in response to requests from market participants, the indicator serves as a reference point for commercial transactions, interbank contracts, and euro-denominated forward deals. The move marks another step reflecting the rise in euro-denominated transactions in Ukraine, driven by deepening trade and economic ties with the European Union and ongoing EU integration efforts.
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To be published by 12:30 p.m. Kyiv time on weekdays, the new benchmark reflects the hryvnia-to-euro exchange rate as of 12 p.m. local time. The rate is calculated using the hryvnia-to-dollar reference rate at noon paired with the average of half-hourly Bloomberg FX Fixings (BFIX) dollar-to-euro quotes recorded between 10:30 a.m. and 12 p.m. Kyiv time, according to a central bank release.
Alongside the new euro benchmark, the NBU revised its broader methodology for calculating official exchange rates of foreign currencies other than the US dollar, Special Drawing Rights (SDRs), the currency of the International Monetary Fund (IMF), and precious metals. The updated system utilizes half-hourly Bloomberg FX Fixings (BFIX) market quotes collected between 10:30 a.m. and 3 p.m. Kyiv time.
Additionally, starting Feb. 1, 2027, the NBU will publish daily underlying trade data used in calculating the hryvnia-to-dollar reference rate and official exchange rates. The published data will include transaction volumes, total deal counts, minimum and maximum rates, and whether calculations were executed under normal or contingency conditions.
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Similar transparency reporting will take effect on the same date for the Ukrainian Overnight Index Average (UONIA).
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