The National Bank of Ukraine will introduce a new benchmark and lower monthly exchange rates

MOSCOW. November 25 (Interfax) – The National Bank of Ukraine (NBU) is about to make a decision on the introduction of a new reference rate, namely the reference noon hryvnia exchange rate against to the euro, which will be calculated by multiplying the reference dollar exchange rate by the average BFIX US dollar/euro rate between 10:30 a.m. and noon.

This proposal, submitted by the Supervisory Board of Foreign Exchange Market Indicators, was approved by the Contact Group on Money and Foreign Exchange Markets, Ukrainian media reported, citing the NBU website. No comments regarding the new rules were received during the month-long public discussions on the project.

In addition, the NBU will change its methods for calculating the official exchange rate of the hryvnia against foreign currencies other than the US dollar and the official price of bank metals, using approaches similar to those applied to calculate the exchange rate reference point of the hryvnia at noon.

The NBU will also stop using its years-old list of currencies whose exchange rate should be fixed each month.

“The level of automation of calculation processes has significantly increased, reducing operational restrictions and risks associated with the daily calculation of official exchange rates for any currency group. Taking this, as well as international experience, into account, we propose to constitute a daily basket of currencies for which the official exchange rates will be fixed. They will include the currencies of the first group of the Classifier of foreign currencies and banking metals and the foreign currencies issued by the countries which represented at least 95% of the trade. exterior of Ukraine on the basis of the balance of payments of the previous year, “the” said New Brunswick.

This list will be adjusted every three years on the basis of relevant foreign trade statistics. It will also be possible to adjust the list more often if foreign currencies from it begin to account for less than 90% of Ukraine’s foreign trade.

Currently, the indicators of the Ukrainian foreign exchange market are the official exchange rate of the hryvnia against foreign currencies, the official price of bank metals and the reference exchange rate of the hryvnia against the US dollar at noon.