The National Bank of Ukraine (NBU) sold $5.284 billion on the interbank foreign exchange market in December 2024. This is the largest monthly volume of currency sales in history, RBC-Ukraine reports with reference to the NBU website. In 2024, the NBU sold $34.822 billion on the interbank market, which is $6.212 billion more than in 2023. Such volumes of interventions allowed for a large devaluation of the hryvnia.
Despite record currency sales, Ukraine received $41.7 billion in international aid, which offset the NBU's expenses. This helped maintain the stability of the foreign exchange market.
Dollar exchange rate dynamics
In 2024, the NBU actively influenced the market by changing exchange rate interventions. By the end of July, the hryvnia devaluation was observed, but in the following four months the exchange rate remained quite stable.
At the end of November, the dollar began to appreciate, and in December its exchange rate decreased by 1.1% - from 41.59 to 42.02 UAH/dollar. In total, in 2024 the dollar exchange rate decreased by 10.7%, reaching 42.03 UAH/dollar.
In the cash market, the rate also depended on the interbank rate. Over the year, it rose by 3.50 hryvnias, reaching 42.50 UAH/dollar. For comparison, in 2023, the NBU sold 28.610 billion dollars, which is 3.657 billion more than in 2022. As in 2024, the costs of supporting the rate were compensated internationally, which amounted to 42.9 billion dollars.
The record volume of foreign exchange interventions by the NBU in 2024 worked out the complications in the foreign exchange market caused by economic and geopolitical factors. Despite this, thanks to international assistance and an active policy, the National Bank will be able to ensure the relative stability of the hryvnia and avoid serious economic shocks.
