The National Bank of Ukraine (NBU) commented on the dollar’s record growth.

The National Bank of Ukraine sees no reason for a sharp rise in the exchange rate or a significant fall in the hryvnia.

This was stated by the First Deputy Head of the NBU, Serhiy Nikolaychuk, in an interview with Ekonomichna Pravda , published on March 4.

According to him, at the beginning of 2026, Ukraine’s international reserves amounted to almost $60 billion—twice as much as at the beginning of 2022. Furthermore, the regulator expects large volumes of external financing.

Nikolaychuk explained that the current and projected reserve levels for the next two to three years correspond to approximately 120% of the “composite adequacy rate” according to the International Monetary Fund’s methodology. According to him, a range of 100-150% is considered adequate, so the existing reserves are sufficient, although not excessive. Given the military risks, this level of “safety cushion” is justified.

He also assured that the current hryvnia exchange rate dynamics do not pose a threat to price and financial stability. He cited the decline in inflation from nearly 16% in May to 7.4% in January as evidence. At the same time, the NBU maintains its inflation target of 5%.