The National Bank of Ukraine updated the official exchange rates for Thursday, September 24, 2026. According to the regulator, the US currency showed a moderate increase, while the European currency saw a notable weakening. These figures set a benchmark for the banking sector and exchange offices, although actual retail quotes may differ from the official rate.
Official rates for September 24
On September 24, the NBU set the official US dollar rate at 44.85 UAH, which is 7 kopecks higher than the previous banking day's figure. The official euro rate stood at 51.18 UAH, with the European currency falling by 15 kopecks over the day. Thus, the dynamics of the two main currencies are moving in opposite directions: the dollar is slowly gaining value, while the euro is registering a more pronounced decline.
Dynamics: dollar rises, euro falls
The difference in currency behavior is small in absolute terms, but it points to a divergence in market perception of the two reserve currencies. The dollar's 7-kopeck rise is a local trend that, against a broader backdrop (in recent days the dollar had been discussed in the range of around 45 UAH at banks and exchange offices), looks like a continuation of the gradual weakening of the hryvnia against the US currency. The euro's 15-kopeck drop, by contrast, is noticeably stronger and may reflect both domestic and international factors affecting the European currency.
The role of the policy rate and inflationary pressure
Beyond the exchange rate figures, the question of the impact of monetary policy on inflation remains in the spotlight. Financial analyst Andrii Shevchishyn, in a comment for RBC-Ukraine, noted that the current hike in the policy rate may not help curb inflation, since the key drivers of price pressure lie outside the reach of monetary instruments. One of the National Bank's tasks, he said, remains supporting the hryvnia-denominated yield of financial instruments, which had been insufficiently formed following the preliminary rate hike. In the analyst's assessment, keeping free hryvnia from flowing into foreign currency amid rising inflation and prices on imported goods is an effective mechanism, and it is precisely here that the rate hike works.
Contradictory data
There is a significant divergence in emphasis in assessments of the effectiveness of monetary measures. On the one hand, the analyst directly states that the policy rate hike is unable to hold back inflation, because its drivers lie beyond monetary indicators. On the other hand, the same source acknowledges the mechanism as effective for solving a different task — preventing the outflow of free hryvnia into foreign currency. Moreover, the NBU's official rate (dollar at 44.85 UAH) does not match the quotes previously recorded at banks and exchange offices (the level of around 45 UAH was discussed on September 23), which creates a mismatch between the "official" and "retail" rates and requires citizens to account for the difference when exchanging. Both viewpoints — on the rate's ineffectiveness against inflation and on its effectiveness against currency outflow — coexist within a single expert comment and reflect different measurable goals of monetary policy.
What this means for Ukrainians
For the population and businesses, the NBU's official rate serves as a basic starting point, but the actual exchange conditions are determined by banks and exchange offices, where spreads and markups can shift the final price. In a situation where the dollar is gradually rising and the euro is falling, those planning large transactions or currency savings should bear in mind that the choice of currency and timing of exchange affects the final cost. Monetary policy, according to experts, is primarily aimed at maintaining hryvnia-denominated yields and limiting pressure on the exchange rate, rather than directly curbing inflation, which is important to consider when planning personal finances.
