The National Bank recorded another record for the dollar in Ukraine: how much is it worth?
фото: Reuters
The National Bank of Ukraine set the official dollar exchange rate at 43.08 hryvnias per dollar on Monday, January 12. The hryvnia weakened by 9 kopecks, while the euro exchange rate, on the contrary, increased slightly — to 50.14 hryvnias per euro.
This was reported by the National Bank of Ukraine.
At the beginning of 2026, the dollar exchange rate in Ukraine is rising to record levels. The previous historical maximum was recorded on January 9 — 42.99 hryvnias per dollar.
On the interbank foreign exchange market, hryvnia quotes against the dollar were set at 43.12/43.15 UAH/dollar, and against the euro — 50.21/50.24 UAH/euro.
Financial analysts note that the growth of the dollar is due to increased demand for the currency among businesses and the population.
“Demand is holding up, the population has some hryvnia left, and now, when the exchange rate has gone up, it has joined this chase. However, today the population does not influence the exchange rate as much as the National Bank through currency interventions. Therefore, there is an opportunity to restrain the exchange rate,” noted financial analyst Andriy Shevchyshyn.
Financial expert Nadia Bayor added that the National Bank has record gold and foreign exchange reserves, which allows it to keep the dollar and euro exchange rates from an uncontrolled jump.
“January fluctuations in the dollar and euro exchange rates are quite natural for the hryvnia: it traditionally first depreciates due to the Ministry of Finance’s large needs for currency, and later the NBU buys excess hryvnia, and the exchange rate stabilizes. The regulator will continue to intervene in the foreign exchange market to avoid excessive exchange rate fluctuations,” Bayor said.
Ukraine’s international reserves increased by 30% in 2025 and reached $57.3 billion, which is the highest figure in the country’s history.
Experts predict a moderate devaluation of the hryvnia during 2026. Investment Capital Ukraine expects the dollar to reach 44.3 hryvnia by the end of the year. Vice President of the Association of Ukrainian Banks Serhiy Mamedov noted that the rate will fluctuate within 43-45 hryvnia.
“The position and strategy of the National Bank is quite balanced: the regulator finds a balance between monetary regulation and the implementation of a ‘managed flexibility’ regime in the foreign exchange market, which ensures a balance between demand and supply,” the expert explained.
Analysts also predict that the euro exchange rate in 2026 will be at the level of 50 – 52 hryvnias.
It was previously reported that the National Bank of Ukraine set the official exchange rate for January 12, according to which the dollar once again set a historical maximum .
Recall that the US dollar is experiencing one of its most difficult years in the last decade, and most investors expect it to weaken further in 2026. Despite the temporary stabilization, the market does not believe in the long-term recovery of the American currency.
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