The National Bank introduced a reference exchange rate of the hryvnia against the euro and updated the calculation of UONIA
The National Bank of Ukraine has introduced a new foreign exchange market benchmark and updated the methodology for determining the official hryvnia exchange rate and calculating indicators. The changes aim to enhance market transparency and align with international IOSCO standards. This is reported by the portal PromPolitInform, citing information from the National Bank of Ukraine.
The regulator has approved the updated Regulation on Establishing the Official Hryvnia Exchange Rate against Foreign Currencies, Calculating the Reference Value of the Hryvnia to the US Dollar, the Reference Value of the Hryvnia to the Euro, and the Accounting Price of Bank Metals. The respective decisions were adopted by the Board of the central bank on November 2, 2026, and enter into force on November 4, 2026.
New benchmark for the European currency
Among the key innovations is the introduction of a reference value for the hryvnia against the euro as of 12:00. This indicator will be calculated based on the reference exchange rate of the national currency against the US dollar and the average value of semi-hourly BFIX quotes in the spot market between 10:30 and 12:00 Kyiv time.
The need to create such a benchmark arose at the request of market participants to ensure convenience for clients conducting operations in euros. The updated benchmark will facilitate transactions between banks and clients, as well as simplify settlements under forward contracts in euros.
Updates to official exchange rates and data publication
The changes also affected the methodology for calculating the official hryvnia exchange rate against other foreign currencies, special drawing rights, and the accounting price of bank metals. Moving forward, this process will rely on the official hryvnia-to-US dollar exchange rate and the average BFIX quote values within the time range from 10:30 to 15:00.
Specific provisions stipulate the daily disclosure of expanded information regarding the number and volume of baseline transactions, minimum and maximum exchange rate values, and settlement types under normal or special conditions. Similar daily data disclosure requirements also apply to the Ukrainian Overnight Index Average (UONIA).
Timeline for the entry into force of new regulations
Resolutions of the Board of the National Bank of Ukraine No. 125 and No. 397-rsh dated November 2, 2026, become effective on November 4, 2026. Meanwhile, the provisions regarding the daily publication of additional transaction data will come into force somewhat later, starting February 1, 2027.
Prior to the adoption of these decisions, the initiatives underwent public consultations with financial market participants in the spring of 2026. Furthermore, the changes received preliminary support from the regulator’s specialized advisory bodies, notably the Money and Foreign Exchange Market Contact Group and the Benchmark Oversight Council.
Photo: National Bank of Ukraine
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