The National Bank of Ukraine (NBU) has announced its intention to abandon the hryvnia’s fixed exchange rate against the dollar and switch to a floating exchange rate. This was reported in the broadcast “RBC-Ukraine”.
The NBU noted that the decision to impose a fixed exchange rate and severe restrictions on the foreign exchange market was justified at the first stage, but over time it began to negatively affect the economy.
“After an 18-month stable hryvnia exchange rate against the dollar, the Central Bank is preparing to abandon the interim measure and switch to a flexible exchange rate,” the NBU said in a statement.
According to the regulator, a flexible exchange rate will allow it to better adapt to changing economic conditions. At the same time, the NBU aims to smooth out sharp fluctuations in the exchange rate with the help of currency interventions.
Recall that at the beginning of 2022, the NBU fixed the dollar rate at 29.25 hryvnia. By July of last year, the rate increased by almost 25% to 36.57 hryvnia per dollar.
Official dollar rate at the end of last week exceeded 99 rubles sign.
formerly CBR reported On the impossibility of removing restrictions on the withdrawal of currency in Russia.