The National Bank of Ukraine has reduced currency sales from reserves, leading to a decline in the dollar exchange rate.

The National Bank of Ukraine sold $3.750 billion on the interbank foreign exchange market in January 2025. This represents a 29% decrease compared to December of the previous year.

This information was reported by RBK-Ukraine citing data from the NBU.

The volume of currency sales in January remained relatively high compared to 2024.

In January, Ukraine received $3.1 billion in international aid, which was a tranche from the EU related to Russian assets. As a result, the NBU's expenditures to maintain the hryvnia's exchange rate exceeded the assistance provided to Kyiv.

Dollar Exchange Rate in January

The cashless market is balanced through currency sales by the National Bank. The NBU responds to market conditions by adjusting the intervention rate. Following trading sessions, the central bank sets the official exchange rate.

The NBU continued the devaluation of the hryvnia at the beginning of January, with the dollar rate peaking at 41.28 hryvnias. However, the market situation subsequently changed, leading to a decrease in demand for currency. As a result, the exchange rate fell by 21 kopecks over the month, from 42.03 to 41.82 UAH/USD.

The cash market rate is entirely dependent on the interbank market. Over the month, the rate dropped by 50 kopecks to 42.00 UAH/USD. In mid-January, the rate exceeded 43 hryvnias.

Interventions on the Interbank Market

Recall that the National Bank of Ukraine sold $5.284 billion on the interbank foreign exchange market in December 2024. This was the highest monthly volume in history. In total, for 2024, the NBU sold $34.822 billion on the interbank market, which is $6.212 billion more than in 2023.

Throughout the year, Ukraine received $41.9 billion. The dollar exchange rate increased by 10.7% to 42.03 UAH/USD in 2024.

In 2023, the NBU sold $28.610 billion to maintain market balance, which is $3.657 billion more than in 2022. In 2023, these expenses were more than compensated for by international aid. According to the Ministry of Finance, Ukraine received $42.9 billion.

In 2022, the NBU sold $24.953 billion on the interbank market.