Lviv.- The National Bank of Ukraine has depreciated the value of its currency against the US dollar by 25 percent and will keep it fixed at that level to combat rising prices due to the Russian invasion, according to a statement from the entity.
As of today, the official exchange rate of the hryvnia, the Ukrainian currency, will be 36.5686 units against the dollar.
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“The National Bank of Ukraine changed the official exchange rate of the hryvnia against the US dollar by 25%, to UAH 36.5686 per dollar, effective July 21, 2022 at 09-00 hours, in view of the change in the fundamental parameters of the Ukrainian economy during the war and the strengthening of the US dollar against other currencies,” the statement said.
According to the entity, it is expected that the new exchange rate add stability to the Ukrainian economy in conditions of uncertainty, while leaving it fixed at this level will allow maintaining control over the dynamics of inflation and support the functioning of the financial system without interruptions.
The NBU wants the new exchange rate to increase foreign currency earnings by exporters.
