The National Bank of Ukraine has updated the official currency exchange rates for Monday, September 21, 2026. According to the regulator, the value of the US dollar rose slightly, while the European currency, conversely, fell. Thus, against the backdrop of ongoing hryvnia volatility and monetary policy decisions, the market is receiving a mixed signal: the dollar is rising in a targeted manner, while the euro is correcting downward.
Official NBU rates for September 21
According to the updated data, the official dollar rate for September 21 is set at 44.67 UAH. For comparison: on Friday, September 18, the US currency was worth 44.66 UAH, meaning the increase was just one kopiyka. The official euro rate on Monday, conversely, declined: it stands at 51.19 UAH compared to 51.23 UAH on September 18, which means a drop of 4 kopiykas. The small amplitude of changes indicates relative stabilization of the official rate near the 44.6–44.7 UAH mark per dollar.
Policy rate and the yield of hryvnia deposits
An increase in the policy rate by the National Bank does not always and not immediately lead to a noticeable rise in the yield of hryvnia deposits. Financial analyst Andriy Shevchishyn, in a comment to RBC-Ukraine, noted that after the preliminary rate hike from 15% to 15.5%, there was no significant increase in deposit yields. "It may happen, but we see that after the rate hike from 15% to 15.5%, such a noticeable increase did not occur. Accordingly, it is hard to say whether an increase in deposit yields will follow the current hike as well," the expert explained. According to him, there is a significant volume of funds in the banking system, however, the population is not very active in placing money specifically in term deposits due to risks: as of today, term deposits account for only about a third of the total volume of citizens' funds.
Why the population is not rushing into long-term deposits
Shevchishyn explains the citizens' caution as a desire to maintain access to their own money in case of unforeseen circumstances. "The population wants to see real, accessible money to use it in the event of an unexpected impact or situation. At any moment something may fly in, something will need to be bought, or one will need to prepare for winter. There is no time for storing and accumulating here," the analyst emphasized. This behavior is characteristic of conditions of heightened uncertainty and explains why even an increase in the policy rate does not automatically translate into an inflow of funds into long-term deposits.
Contradictory data
There remains a noticeable gap between the official NBU rate and the quotes in the retail segment, which is important to take into account when interpreting the figures. The official dollar rate for September 21 is 44.67 UAH, however, according to a number of publications, in exchange offices and banks the US currency over these weekends may reach a level of around 45.10 UAH. Thus, one version (the regulator's official rate) records 44.67 UAH, while the other (retail/exchange quotes) indicates a higher level of around 45.10 UAH. This is not an error, but a structural difference between the official and market rates, however, for readers it looks like a discrepancy in the figures and requires a separate explanation.
Conclusion and what to watch next
In conclusion, it can be stated: the NBU on September 21, 2026 fixed the dollar at 44.67 UAH (+1 kopiyka) and the euro at 51.19 UAH (−4 kopiykas), while the question of the growth in the yield of hryvnia deposits after the policy rate hike remains open. Experts do not expect an automatic and noticeable increase in deposit rates, since the population prefers liquidity and access to money. In the coming days, the key indicator will be the dynamics of retail rates in banks and exchange offices, as well as the banking sector's reaction to the new parameters of monetary policy.
