The National Bank of Ukraine has stated that the situation on the foreign exchange market remains under the regulator's control, and the hryvnia has begun to show a tendency toward strengthening. RBC-Ukraine reports this citing an official statement from the NBU on Facebook. The NBU explained the reasons for recent exchange rate fluctuations, assessed the state of cash foreign currency, and announced repeat operations to ensure bank liquidity.
Reasons for the Surge in Currency Demand in Early November
According to the National Bank, in the first days of November, demand for foreign currency increased due to rising budget expenditures on defense and security. Concurrently, traditionally for the beginning of the month, demand from citizens increased, primarily associated with the renewal of monthly limits on currency purchases. Meanwhile, currency supply turned out to be limited: at the end of October, mass VAT refunds took place, and Russian shelling hindered seasonal export growth, resulting in the agricultural and metallurgical sectors selling less currency. Against the backdrop of these factors, the hryvnia periodically weakened against the dollar.
NBU Operations and the Absence of Cash Currency Deficit
The regulator noted its prompt response to the widening gap between the official exchange rate and the selling rate in banks. The NBU's announced supply—$100 million and €100 million—significantly exceeded the actual demand from banks, which bought up only $14 million, while there was no demand for euros at all. The National Bank emphasized that these measures proved there is no shortage of cash currency. To support liquidity and meet the needs of Ukrainians, the NBU plans to repeat similar operations on November 4.
International Reserves as the Foundation of Market Stability
The National Bank indicated that the volume of international reserves is sufficient to maintain market stability. As of October 1, 2026, they stood at $47.1 billion and continued to grow in October. For comparison, at the beginning of the full-scale invasion, this figure was less than $30 billion, which, according to the regulator's assessment, indicates a gradual strengthening of the reserve base.
Exchange Rate Dynamics in Currency Booths
Practical confirmation of the NBU's statements can be seen in the retail exchange rate dynamics. According to the Minfin portal, by the evening of November 3, the dollar selling rate in exchange offices dropped sharply: whereas the day before the American currency was sold at a rate above 47 hryvnias, on November 3 the price of the dollar fell to 46.5 hryvnias. At the same time, earlier the NBU set the official dollar exchange rate for Wednesday, November 4, at 45.66 hryvnias.
