--- title: "NBU: Situation on the Foreign Exchange Market is Under Control, Hryvnia Begins to Strengthen" description: "The NBU stated that the situation on the foreign exchange market is under control and the hryvnia has started to strengthen. The bank explained the reasons for rate fluctuations and announced repeated liquidity operations for November 4." date: 2026-11-03T19:06:19.642Z lang: en url: https://xab.info/en/posts/nbu-hryvnia-begins-strengthening-dollar-rate tags: [national-bank-of-ukraine, hryvnia, usd-ua, currency-market, international-reserves] author: "Darya Fomina" publisher: "XAB.info" --- # NBU: Situation on the Foreign Exchange Market is Under Control, Hryvnia Begins to Strengthen ![Man exiting a currency exchange office on a city street next to a generator](https://xab.info/media/2026/11/03/nbu-grivnya-nachala-ukrepljatsja-kurs-dollara/nbu-grivnya-nachala-ukrepljatsja-kurs-dollara-1.webp) ## Key Points - The NBU stated that the situation on the foreign exchange market is under control and the hryvnia has begun to strengthen. - The surge in currency demand in early November was linked to defense budget expenditures, the renewal of limits for citizens, and VAT refunds at the end of October. - The NBU's announced supply of $100 million and €100 million exceeded the actual demand from banks, which bought only $14 million. - International reserves as of October 1, 2026, amounted to $47.1 billion and continue to grow. - By the evening of November 3, the dollar selling rate in currency booths dropped to 46.5 hryvnias from over 47 hryvnias the day before. 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. ## Fact-Check & Sources - [Гривна начала укрепляться: НБУ объяснил причины колебаний курса и ситуацию с наличкой](https://www.rbc.ua/ukr/news/grivnya-pochala-zmitsnyuvatisya-nbu-poyasniv-1793732118.html) - Primary source: NBU statement on market control, reasons for fluctuations, 100/100 million operations, $47.1 billion reserves, and exchange rate dynamics in currency booths. ## FAQ ### Why, according to the NBU, has the hryvnia begun to strengthen? The regulator links the strengthening to the fact that the announced currency supply ($100 million and €100 million) exceeded the actual demand of banks, which bought only $14 million, confirming the absence of a cash currency shortage. ### What factors caused the increase in currency demand in early November? The NBU points to increased budget expenditures on defense and security, the traditional renewal of monthly currency purchase limits for citizens, and limited supply due to mass VAT refunds at the end of October and lower export sales caused by shelling. ### What dollar exchange rate was set for November 4, and what was it in exchange offices on November 3? The NBU set the official dollar exchange rate for November 4 at 45.66 hryvnias. According to the Minfin portal, by the evening of November 3, the selling rate in exchange offices dropped to 46.5 hryvnias from over 47 hryvnias the previous day.