21 Jul 2022 12:30

Ukraine's national bank devalues hryvnia

MOSCOW. July 21 (Interfax) - The National Bank of Ukraine (NBU) at 9:00 a.m. on July 21 devalued the official exchange rate of the hryvnia against the U.S. dollar by 25% from UAH 29.2549/$1 to UAH 36.5686/$1, the NBU said in a statement posted on its website.

"This step will allow increasing the competitiveness of Ukrainian producers, bring together the exchange rate conditions for different groups of businesses and the population, and maintain the stability of the economy," the NBU said.

The NBU emphasizes in the statement that the official exchange rate of the hryvnia against the dollar continues to be fixed.

"With high uncertainty, a fixed official exchange rate against the U.S. dollar is the main anchor for stabilizing expectations, and is the a key means to fulfilling the NBU's priority goals. They are to ensure price and financial stability, which is an important condition for economic recovery," the regulator said.