Over a Billion Dollars Sold by the Central Bank in One Week: Can This Stop the Hryvnia’s Slide?.

Slowing the Hryvnia's Decline

According to Novyny.live: To curb the hryvnia’s depreciation, the National Bank of Ukraine is actively selling foreign currency from its reserves. Between March 9 and March 13, the regulator offloaded the equivalent of $1,037.32 million on the currency market. Since the start of 2026, the central bank has drawn down its gold and foreign exchange reserves by a total of $8.3 billion.

Despite these efforts, the hryvnia continues to weaken. On January 1, 2026, the dollar exchange rate stood at 42.30 UAH; by March 14, it had climbed to 44.16 UAH. Over the same period, the euro also rose from 49.80 UAH to 50.95 UAH.

Analyst Oleksiy Kushch noted that 'the dollar could soon be worth 47-48 hryvnias.'

Adding to the pressure, since March 2, banknotes in denominations of 1, 2, 5, and 10 hryvnias from the 2003–2007 series have lost their legal tender status, which could further impact the hryvnia’s stability. The currency market remains tense, and the National Bank’s next moves will be crucial in stabilizing the national currency’s exchange rate.

Ukraine’s Economic Landscape

Given the ongoing rise in both the dollar and euro exchange rates, along with the significant depletion of the National Bank of Ukraine’s reserves, the country’s economic outlook is causing concern. The withdrawal of certain banknotes from circulation may intensify inflationary pressures and erode public confidence in the national currency.

Monitoring the regulator’s upcoming actions is essential, as they could prove decisive for stabilizing the hryvnia and shaping Ukraine’s broader economic situation.