The increase in demand for currency at the start of the year triggered another surge in the dollar's value.

The demand for currency surged at the beginning of 2025. The National Bank increased sales from reserves to cover the structural currency deficit.

This is reported by RBK-Ukraine citing data from NBU.

During the week of January 6-10, 2025, the NBU sold $1.039 billion on the interbank currency market.

This is a 40% increase compared to the previous week of December 30, 2024 - January 3, 2025, when the amount was $744.10 million.

The demand for currency sharply rose in December, with the NBU selling $5.284 billion on the interbank currency market. This is the highest monthly volume in history.

In total, for the year 2024, the NBU sold $34.822 billion on the interbank market. However, the volume of international assistance to Ukraine for 2024 amounted to $41.7 billion, surpassing the interventions on the interbank market.

Additionally, at the beginning of the year, Ukraine already received 3 billion euros from the EU through frozen Russian assets.

Dollar Exchange Rate

The cash market is balancing due to currency sales by the National Bank. The NBU responds to market conditions by raising or lowering the intervention rate. At the end of trading, the central bank sets the official exchange rate.

Last week, the dollar rate rose again and reached a historic high of 42.28 UAH/dollar. Over the week, the dollar appreciated by 20 kopecks.

The situation in the cash market is almost entirely dependent on the interbank market. Over the week, the dollar rate in the cash market increased by 35 kopecks to 43.05 UAH/dollar.

NBU Comment

According to Vladimir Lepushinsky, Director of the Monetary Policy and Economic Analysis Department of the NBU, the inflow of international aid in 2024 not only compensated for the currency sales by the National Bank and the country’s external debt payments but also allowed for an increase in international reserves. Their volume reached a record level of $43.8 billion.

He stated that the NBU has sufficient tools and resources to maintain a stable situation in the currency market.