Ukraineʼs gold and currency reserves have shrunk by €3 billion since the start of the full-scale war. The Deputy Chairman of the Council of the National Bank Vasyl Furman reported on this during a briefing on October 4.
Thus, according to him, in the first days of the war, the NBU switched to a fixed exchange rate policy. Rate fixing, however, comes at a price. From the beginning of the war until September, the net sale of currency from reserves amounted to $14 billion and one billion euros.
"At the same time, the reserves of the NBU decreased by only 3 billion euros. The reasons for the pressure on the gold and foreign exchange market that we are observing are a psychological factor, a logistical factor, because there was not a sufficient amount of cash currency," Vasyl Furman explained.
- On July 21, the National Bank of Ukraine adjusted the official exchange rate of the hryvnia to the US dollar by 25% to UAH 36.56/US dollar. The regulator explained that this will make it possible to increase the competitiveness of Ukrainian manufacturers, bring exchange rates closer to different groups of businesses and the population, and support the stability of the economy in wartime conditions.
- The government predictedthe dollar exchange rate for 2023 — 42 hryvnias/$1. Formally, the exchange rate at the end of 2023 is 50 UAH/$1 in the documents.