In one week, the NBU sold currencies worth $1.82 billion \u2014 Ukraine has never seen such a volume of interventions, and the total figure for October approached $6 billion.<\/p>\n
The National Bank of Ukraine (NBU) took unprecedented steps to curb the pressure on the hryvnia \u2014 in October, the regulator set two historical records for the sale of the currency. Thus, the NBU sold almost $6 billion in one month, and more than $1.8 billion in the last week alone, trying to cover the increase in demand for the dollar against the backdrop of a decrease in foreign currency receipts from Ukrainian exporters. This is reported by “Interfax-Ukraine” with reference to the statistics of the National Bank. So, according to the NBU, the total amount of currency interventions in October amounted to 5 billion 998 million dollars. And this is the largest monthly volume of currency interventions in the entire history of observations. The previous record was set in September 2026, when the NBU sold 5 billion 519 million dollars on the interbank market.<\/p>\n
The volume of currency sales increased even more noticeably at the end of the month. In the last week of October, the National Bank increased interventions by $625.1 million, or by 52.4%, compared to the previous week. In total, during this period, he sold 1 billion 818.2 million dollars. The previous record of weekly interventions was 1 billion 625.9 million dollars. It was recorded in the last week of 2024. So, in October 2026, the National Bank broke records for both monthly and weekly currency sales.<\/p>\n
Why did the NBU increase the sale of dollars<\/p>\n
The reasons for increased pressure on the hryvnia were explained by NBU Deputy Chairman Yuriy Geletiy during a briefing on October 29. The high-ranking official said that the currency market was affected by two factors at the same time:<\/p>\n
increase in budget expenditures;
\nreduction in the supply of foreign currency from Ukrainian exporters.<\/p>\n
According to him, the increase in government spending contributed to the increase in demand for currency. At the same time, due to the destruction of the logistics infrastructure, foreign exchange revenues from the agro-industrial complex and metallurgy decreased.<\/p>\n
“The increase in expenditures, on the one hand, led to an increase in gross demand, along with this, due to logistical disruptions, we observed a reduction in the supply of currency, primarily from the agro-industrial complex, from the metallurgy side,” Geletiy noted.<\/p>\n
Thus, due to the imbalance between supply and demand, the NBU was forced to increase the sale of foreign currency in order to cover its deficit on the market and restrain excessive fluctuations in the hryvnia exchange rate.Although the regulator currently operates under the regime of managed flexibility of the exchange rate, when the rate is formed under the influence of supply and demand, the National Bank can enter the market with currency interventions when it is necessary for its stable operation. According to Yury Heletii, in October, the average daily net demand for currency for non-cash transactions amounted to 182 million dollars. In the first two decades of the month, this indicator was equal to 172 million dollars per day, but during the last five trading days, it increased to 230 million dollars. Overall, between January and October 2026, customer demand for the currency increased by at least 25%, or about $16 billion, compared to the same period last year.<\/p>\n
At the same time, the currency supply increased by only 2 billion dollars during this time. Export revenue for ten months increased from 36 billion to 38 billion dollars. However, this increase was not enough to compensate for the increased demand for the currency. This situation increases the need for interventions by the National Bank, which sells currency to cover the structural deficit in the market.<\/p>\n
What happened to the dollar exchange rate<\/p>\n
Despite record currency interventions, in October, the hryvnia touched its historic low against the dollar several times. For example, on October 28, 2026, the dollar exchange rate reached a new historical maximum \u2014 45.6008 hryvnias per dollar. In general, during October, the official exchange rate of the hryvnia against the American currency updated the historical minimum five times. But at the end of the month, the situation changed somewhat – on November 2, the National Bank set the official exchange rate at the level of 45.3526 hryvnias per dollar. Pressure was also felt on the cash market. In October, the average daily net demand of the population for cash currency increased to approximately 38 million dollars against 34 million in September.<\/p>\n
Yuriy Heletii linked the increase in demand at the end of the month, in particular, to fluctuations in the exchange rate and the deterioration of the security situation.<\/p>\n
Are there enough currency reserves in Ukraine?<\/p>\n
Despite the record volume of currency sales, Ukraine’s international reserves at the beginning of October amounted to 47.1 billion dollars. According to the NBU, this amount is enough for approximately four months of future imports. The indicator also exceeded 100% of the standard of adequacy of reserves according to the methodology of the International Monetary Fund.<\/p>\n
At the same time, currency interventions are one of the factors affecting the volume of international reserves. Their further dynamics will depend, in particular, on the volume of foreign currency sales, international financial aid and other receipts and payments in foreign currency.<\/p>\n
Thus, the record interventions in October reflect the strengthening of the imbalance between the demand for foreign currency and its supply. The National Bank covers part of this deficit with its own sales, while the hryvnia exchange rate remains sensitive.<\/p>\n
The National Bank covers part of this deficit with its own sales, while the hryvnia exchange rate remains sensitive to budget expenditures, export revenues, and the security situation.<\/p>","protected":false},"excerpt":{"rendered":"
In one week, the NBU sold currencies worth $1.82 billion \u2014 Ukraine has never seen such a volume of interventions, and the total figure for October approached $6 billion. The National Bank of Ukraine (NBU) took unprecedented steps to curb the pressure on the hryvnia \u2014 in October, the regulator set two historical records for […]<\/p>\n","protected":false},"author":1,"featured_media":12143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,19],"tags":[],"class_list":["post-12142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actually","category-expert"],"_links":{"self":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts\/12142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/comments?post=12142"}],"version-history":[{"count":1,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts\/12142\/revisions"}],"predecessor-version":[{"id":12144,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts\/12142\/revisions\/12144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/media\/12143"}],"wp:attachment":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/media?parent=12142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/categories?post=12142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/tags?post=12142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}