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The National Bank of Ukraine (NBU) has decided to depreciate the dollar, even in the face of a high structural deficit of the currency. Over the period from 13 to 17 January 2025, the NBU sold $1.015 billion on the interbank foreign exchange market, which is only slightly less than the previous week ($1.039 billion), the NBU said .
FX market records in December
In December, demand for foreign currency increased significantly, and the NBU sold USD 5.284 billion on the interbank market, the largest monthly volume in history. Strong demand continued in early 2025.
NBU interventions in 2024
In 2024, the NBU carried out foreign exchange interventions in the amount of USD 34.822 billion. At the same time, Ukraine received $41.7 billion in international assistance, which helped offset the sale of foreign currency.
Sources of international support
In early 2025, Ukraine has already received €3 billion from the European Union. These funds came from frozen Russian assets and supported the country’s financial stability.
Key challenges
- Currency deficit: Demand for foreign currency continues to exceed supply.
- Support from international partners: Financial assistance remains a key factor in the stability of the foreign exchange market.
- The depreciation of the US dollar: The NBU’s decision may affect the economic situation, depending on the dynamics of supply and demand in the market.
