Published 24 July 2018. Some rules have changed since; ask us for the current position.
A new method for calculating the official hryvnia to US dollar exchange rate
The National Bank of Ukraine (NBU) has announced that it has revised the method for calculating the official exchange rate and now uses a completely different approach. Details have not yet been released, but NBU representatives have promised a presentation soon.
The official hryvnia to dollar rate will now be calculated on the basis of data on currency purchase and sale transactions made in the course of Ukraine's international trade.
The new method uses an unusual two-way mechanism for selecting transactions: the permitted deviations of the parameters will differ, and this will produce a sample of floating transactions.
One option under consideration is to start from the available pool of transactions and filter out all those whose deviations do not match the arithmetic mean, as well as transactions that deviate by more than 2%.
The official rate will be published on the NBU website by 16:00, which means the current rate will be available two hours earlier than before.
Until recently, the official hryvnia to dollar rate was calculated as a simple arithmetic mean. The day's interbank transactions were fed into the system for analysis, and the current rate was then set.
The new method is meant to speed up the bank's work, and adjustments will also be possible through a backup mechanism.
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