The National Bank switched to a flexible exchange rate

As of today the official exchange rate of hryvna to the US dollar will be formed on the basis of the market average rate on the interbank market.

The director of the main directorate of the monetary and credit policy of the National Bank of Ukraine (NBU) Elena Shcherbakova stated that the NBU switched to the flexible exchange rate formation mechanism. "Yesterday the market slipped down and stopped at the level of 8.7 UAH/$1, and we established the exchange rate at 8.7 UAH/$1. It was a painful step for the NBU, but it should be done sooner or later. Nevertheless, this is the correct step. It was long expected by investors as well as by the market, and the position of the NBU is a consolidated position of the regulator and of commercial banks," Shcherbakova said.

Shcherbakova also stated that the revision of the exchange rate may be reconsidered every day depending on the situation on the market.

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