Official Dollar Exchange Rate Exceeds 44 Hryvnias for the First Time – New Historical Minimum

The National Bank of Ukraine has recorded a new historical minimum for the national currency: for the first time, the official exchange rate of the US dollar has exceeded the mark of 44 hryvnias per unit.

This is reported by AgroReview

Record Decline of the Hryvnia

According to the latest update, the National Bank set the exchange rate on March 13 at 44 hryvnias 16.36 kopecks per dollar, which is 19 kopecks higher compared to the previous official rate. This decision is another indication of the pressure on the Ukrainian currency amid the challenging economic situation in the country.

Dynamics of the Currency Market

According to Bloomberg, trading on the interbank currency market of Ukraine on March 12 ended at 44 hryvnias 27 kopecks per dollar, which also indicates a continued trend of devaluation of the hryvnia.

It is worth noting that since July 21, 2022, the official exchange rate of the hryvnia had remained at the level of 36 hryvnias 57 kopecks per dollar for over 14 months. Changes occurred only on October 3, 2023, after which the rate gradually increased.

“The National Bank of Ukraine has updated the historical minimum of the hryvnia against the US dollar, for the first time recording a level exceeding 44 hryvnias per unit of American currency.”