NBU announced a new currency exchange rate calculation system: key innovations.

NBU plans major changes in the calculation of currency indicators

The National Bank of Ukraine has announced its plans to modernize the methodology for calculating and publishing currency indicators. These changes relate to establishing the exchange rate of the hryvnia against foreign currencies, except for the US dollar.

This is reported by the press service of the National Bank of Ukraine.

According to the NBU, public discussion of the draft amendments to the Regulation on establishing the official exchange rate of the hryvnia against foreign currencies has already been completed.

The innovations include the following:

• The official exchange rate of the hryvnia against the US dollar will be determined based on the results of interbank trading and published at 15:30 on the following day. The National Bank will also publish a calculated rate based on 12:00.
• Exchange rates of other currencies will be calculated based on the weighted average BFIX (Bloomberg Fixing) indicators, instead of the current practice of fixing at a certain moment in time.
• A reference exchange rate of the hryvnia against the euro will be introduced, calculated based on 12:00. It will be calculated daily by multiplying the reference exchange rate of the hryvnia against the US dollar and the average value of the BFIX dollar/euro quotes from 10:30 to 12:00.
• When establishing the exchange rates of certain currencies, the practice of forming a daily basket will be taken into account, which will include currencies of the first group of the Classifier and currencies of countries with which Ukraine has at least 95% of its trade turnover.

Representatives of the National Bank assert that this approach allows for a modern and efficient system of establishing exchange rates.

The review of the list of currencies will be conducted every three years based on current trade turnover data, with the possibility of making emergency changes if the trade turnover falls below 90%.