The dollar rate matters to everyone who receives foreign currency revenue, pays for services abroad or simply holds savings. But the word “rate” covers different things: the official rate of the National Bank of Ukraine (NBU), a bank’s rate, an exchange office’s rate, the price in P2P. Below is how the NBU sets its official rate, what the hryvnia-to-dollar rate depends on according to the NBU itself, where to see current values, and why a sole proprietor (FOP) needs the official rate. Data as of 13 October 2026.
This material is for information only. It does not forecast the rate and is not advice to buy or sell currency.
What the NBU’s Official Rate Is
The National Bank of Ukraine (NBU) sets the official hryvnia rate against foreign currencies every day. The procedure is defined by the Regulation approved by the NBU Board resolution of 10 December 2019 No. 148 (version of 31 March 2025). On its rates page, the NBU explains the purpose of these figures directly: they are used for display in accounting, for the NBU’s operations with the State Treasury Service and in other cases defined by law, without any NBU obligation to buy or sell currency at these rates.
Thus, the official rate is a benchmark and a settlement figure. According to the Regulation, the NBU, residents and non-residents have the right to use it for transactions on the money and currency markets, but are not obliged to do so. Banks, exchange offices and exchanges set their own buying and selling rates.
The rate takes effect on the next business day after the day it is set. Therefore, a rate set on Friday takes effect on Monday, and the rate in force on Friday remains over the weekend. For example, on 13 October 2026, the official rate was UAH 44.9567 per dollar and UAH 50.2418 per euro.
How the Official Dollar Rate Is Calculated
According to the Regulation (Annex 1), the NBU takes all dollar purchase and sale transactions on “tod,” “tom” and “spot” terms in amounts from USD 100,000 to USD 5 million, which banks concluded with each other and with the NBU on the settlement day and about which they submitted information by 15:00. Then:
- Transactions whose rate differs by more than 2% from the median are excluded.
- From the remaining transactions, the standard deviation is calculated, and transactions that deviate from the average by more than two standard deviations are excluded.
- The official rate is the volume-weighted average of the rates of the remaining transactions.
Separately, the NBU calculates a reference rate based on transactions up to 12:00. If there are too few transactions (10% or less of the average daily value for the previous month), special calculation conditions apply, which involve requests for quotes from banks.
The NBU calculates the rates of other currencies, including the euro, based on the hryvnia-to-dollar rate and BFIX quotes for those currencies (or, if they are not available, the rates of central banks or international markets). Thus, the hryvnia-to-euro rate depends both on the hryvnia-to-dollar rate and on the euro-to-dollar ratio on world markets.
What the Hryvnia-to-Dollar Rate Depends On
The market rate is formed by transactions, and the NBU names in its official documents the factors it relies on. Below are facts from the NBU’s press releases and pages.
| Factor | What the NBU writes |
|---|---|
| Supply and demand for currency | Export opportunities and investment inflows are limited by the war, so there is a constant significant shortage of currency on the FX market. The NBU covers the structural shortage of the private sector and allows the hryvnia to strengthen when the shortage decreases |
| NBU interventions | In September 2026, the NBU sold USD 5,449.9 million on the FX market (according to balance sheet data) |
| International reserves | USD 47.1 billion as of 1 October 2026; in September they decreased by 3.2%. Reserves cover 4.0 months of future imports and, according to the NBU’s assessment, are sufficient for the stability of the FX market |
| Key policy rate | From 18 September 2026, it is 16%. The NBU explains the increase by the need to support the attractiveness of hryvnia assets and the stability of the FX market |
| Inflation | In August 2026, consumer inflation accelerated to 8.1% year-on-year; the NBU’s target is 5% |
| External financing | The NBU calls external assistance crucial for macro-financial stability; a significant part of the assistance depends on the pace of reforms |
| War and expectations | The course of the full-scale war is the key risk for inflation and the economy. The NBU’s assessments also take into account the war in the Middle East and fuel prices |
The next NBU monetary policy meeting is scheduled for 29 October 2026. The NBU publishes its key policy rate decisions on its website.
Managed Flexibility: How the NBU Handles the Rate
At the start of the full-scale war, on 24 February 2022, the NBU fixed the official rate and introduced strict currency restrictions. In October 2023, the NBU moved to a regime of managed flexibility of the exchange rate. As the NBU itself explains, under this regime the rate can weaken when the currency shortage grows and strengthen when it decreases. The NBU covers the structural shortage of currency and smooths out excessive fluctuations.
The NBU names a return to a floating rate as its strategic goal, but, the regulator writes, for now this is premature: because of the war, the economy has a significant currency shortage. The NBU links the easing of currency restrictions to the following indicators: moderate inflation, inflation expectations, a sufficient level of reserves, interest rates and the stability of banks.
Official, Cash, Interbank and P2P: How They Differ
- Official rate — the NBU’s calculation based on the day’s bank transactions, see above.
- Cash rate — what banks and exchange offices display. The NBU notes on its currency policy page that the gap between the official and cash rates has not for a long time exceeded 1% (this is the NBU’s estimate, without a date on the page).
- P2P price and USDT rate — formed by the market of a specific exchange or ad, and may differ from the official rate. For more about USDT, see the article How to Buy USDT with Hryvnia.
Where to Check the Official Rate
The main source is the NBU page “Official exchange rate of hryvnia against foreign currencies”: the table shows the date to which the rate belongs. On bz-expert.com, the official NBU rate, a chart and a converter are available on the USD/UAH and EUR/UAH pages. If you need documentary confirmation for reporting, rely on the NBU page and the date of the rate.
Where a Sole Proprietor (FOP) Needs the Official Rate
For single tax payers of groups I to III, the Tax Code (Article 292) provides that income expressed in foreign currency is converted into hryvnia at the official NBU rate set on the date the income is received (clause 292.5). The date of receipt of income for a single tax payer is the date the funds are credited to the account (clause 292.6). For individuals who receive income in foreign currency values or other assets valued in foreign currency, clause 164.4 of the Code provides for conversion at the NBU exchange rate in force at the time the income is accrued (received).
In practice, it is worth recording the date of receipt and the NBU rate for that date. To determine income in hryvnia, the Code names specifically the official NBU rate on the date of receipt, not the rate at which a bank or exchange office sold you the currency. For how the rules apply to your situation, check with your accountant.
Important. The official rate for a date is not a forecast and not the price at which you will be sold currency. When comparing the rates of different services, always check whether the commission is included and how much you will actually receive.
Frequently Asked Questions
When does the NBU update the official rate?
On business days. The rate is calculated on transactions that banks reported by 15:00, and it takes effect on the next business day. A rate set on Friday takes effect on Monday, and the rate in force on Friday remains over the weekend.
Why is the rate at a bank or exchange office different from the official rate?
The official NBU rate is a calculation based on interbank transactions, which is used in accounting and in other cases defined by law. Banks and exchange offices set their own buying and selling rates, and the NBU is not obliged to buy or sell currency at the official rate.
What does the dollar rate in Ukraine depend on?
According to NBU documents, it depends on supply and demand on the FX market, the currency shortage caused by the war, the NBU’s actions, reserves, the key policy rate and inflation, as well as on the volume of external financing and the course of the war.
Why does the euro rate also depend on the dollar?
The NBU calculates the hryvnia-to-euro rate based on the hryvnia-to-dollar rate and the euro-to-dollar quotes (BFIX, or data from central banks and international markets). Therefore, it changes both because of the hryvnia-to-dollar rate and because of the euro-to-dollar ratio in the world.
Where can I see the euro rate?
The NBU’s official rates page includes the euro as well. On bz-expert.com, the euro-to-hryvnia rate is shown on the EUR/UAH page.
Can this data be used to predict the rate?
No, this material is not a forecast. The factors change, so make decisions about currency based on your own needs and risks, not on someone else’s forecasts.