The National Bank provided 100 million dollars and 100 million euros to support cash desks
The Ukrainian currency market is seeing the strengthening of the hryvnia following temporary exchange rate fluctuations at the beginning of November. The National Bank of Ukraine emphasized that the situation remains under complete control. This was reported by RBC-Ukraine (Іван Носальський), according to the portal PromPolitInform.
In the first days of November, demand for foreign currency increased due to rising budget expenditures on defense and security. The situation was also fueled by a traditional surge in citizens’ demand linked to the renewal of monthly currency purchase limits.
At the same time, foreign currency supply on the market was limited due to massive VAT refunds at the end of October. Russian shelling negatively affected the seasonal growth of exports, causing the agricultural and metallurgical sectors to sell fewer currency proceeds. Against this backdrop, the hryvnia occasionally weakened against the US dollar.
Operational measures by the regulator
To stabilize the situation, the regulator held consultations with market participants and carried out preventive operations to exchange cashless currency for cash. These measures fully demonstrated the absence of a cash currency shortage in banks.
The volumes of 100 million dollars and 100 million euros offered by the National Bank significantly exceeded the actual demand from financial institutions. Banks bought only 14 million dollars, while euros saw no demand at all among buyers.
State of international reserves
The National Bank assures that international reserves are entirely sufficient to maintain market stability. As of October 1, 2026, they stood at 47.1 billion dollars and continued to grow throughout October.
By comparison, at the beginning of the full-scale invasion, this figure was below 30 billion dollars. To support liquidity and meet citizens’ needs, similar operations are planned to be conducted.
Dynamics of cash exchange rates
As of the evening of November 3, the cash dollar selling rate in currency exchange offices dropped sharply. While previously the American currency was sold at a rate exceeding 47 UAH/USD, its cost subsequently decreased to 46.5 UAH/USD.
The official dollar exchange rate for Wednesday, November 4, was set at 45.66 hryvnias. This indicates market stabilization and the effectiveness of the preventive steps taken by the regulator.
Illustrative photo: Musia-97 / CC BY-SA 3.0
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