The hryvnia is devaluing more and more. The euro exchange rate is already above 45

The National Bank of Ukraine (NBU) continues to systematically weaken the hryvnia’s exchange rate.

Today, July 17, following interbank trading, the NBU devalued the official exchange rate by 20-40 kopecks against two key foreign currencies:

• Dollar: from 41.2575 to 41.4627 UAH/USD;
• Euro: from 44.9789 to 45.3457 UAH/EUR.

In both cases, historical lows for the hryvnia were recorded. Trading on the Bloomberg platform today started at 41.39 UAH/USD and ended at 41.47 UAH/USD. During the trading session, exporters set their prices as high as 41.51 UAH/USD, but no transactions were recorded at that rate. However, it is possible that this level could be reached tomorrow, given the high rate of devaluation driven by the National Bank.

Last Wednesday, July 10, interbank trading ended at 40.82 UAH/USD, and the previous Wednesday (July 3) it was at 40.64 UAH/USD. In recent days, the dollar has been increasing by 20-30 kopecks per day, subsequently pushing up the euro’s rate, which is recalculated through the American currency (interbank dollar/hryvnia quotation multiplied by the international euro/dollar rate).

Due to the rising interbank rate, the cash exchange rate is also increasing. Today, the maximum selling price of the dollar in bank cash desks reached the psychological level of 42.0 UAH/USD, set by Trust-Capital Bank. The average selling rate was fixed at 41.75 UAH/USD, while the buyback rate from individuals was 41.17 UAH/USD.

The maximum card rate for selling reached 42.30 UAH/USD (set by Akkordbank), with an average rate of 41.61 UAH/USD.

Earlier, the media reported on the reasons for the hryvnia’s devaluation. In short, the authorities are interested in weakening the national currency to convert incoming Western financial assistance more profitably, partially addressing the budget deficit problem this way.