Business news from Ukraine

NBU’s net sales drop to $2.5 bln

3 December , 2023  

The National Bank of Ukraine’s (NBU) net sales of dollars in November, the second month after the country switched from a fixed exchange rate regime to a managed flexibility regime, fell to $2.45 billion from $3.34 billion in October, even less than the $2.69 billion in September.

According to the central bank’s website, its purchases of foreign currency remained minuscule at $4 million, compared to $14 million in October and $1 million in September.

For its part, the Ministry of Finance reported that in November, the budget received $2 billion in grants and external concessional financing, compared to $2.8 billion in October. In particular, $1.6 billion was provided by the European Union and $0.4 billion by the World Bank with a guarantee from the UK.

In November, the hryvnia exchange rate on the interbank market weakened by only 0.2%, or 7 kopecks, to UAH 36.3535/$1 at the beginning of December, while from the end of July 2022 to October 3 this year, the National Bank maintained the official exchange rate of UAH 36.5686/$1.

In the cash market in November, the dollar fell by about 35 kopecks to 37.40 UAH/$1.

In total, since the beginning of this year, the NBU has purchased $217.1 million in the market, while selling $24 billion 811.9 million.