A new record: The National Bank has raised the price of the euro again
16 July 2024 08:54
The National Bank of Ukraine slightly depreciated the dollar against the hryvnia after reaching a historic high. The euro, on the other hand, has set a new record. This is reported by "Komersant Ukrainian" with reference to data on the regulator’s website.
The official dollar exchange rate for today, 16 July, is set at UAH 41.0107 per dollar (-0.0327 UAH).
And the euro will cost a record 44.7263 UAH (0.0403 UAH).
On the interbank market, the US currency rose by 8 kopecks to UAH 41.07-41.11 per dollar (buy and sell) compared to the previous day’s close.
On the cash market, the dollar remained stable at UAH 41.15.
In its Budget Declaration for 2025-2027, the Cabinet of Ministers forecasts that the dollar will rise to more than UAH 45 and that economic growth will slow down next year. The average hryvnia to dollar exchange rate is expected to reach UAH 45 per dollar in 2025, UAH 46.5 in 2026, and UAH 46.4 in 2027.
What Ukrainians should expect from the dollar in autumn
There will be no significant rise in the dollar by the end of the summer, assured Oleg Pendzin, a member of the Economic Discussion Club. The exchange rate will average up to UAH 41 per dollar, no more. At the same time, the National Bank will periodically strengthen or weaken the hryvnia. Pendzin states that the NBU sold $615 million on the interbank foreign exchange market last week. “The national bank is essentially the only seller. This means that it sets the rules of the game. Moreover, it is the regulator.
“In June, the NBU reached the average annual exchange rate that was included in the state budget. And now it will be slowly changing to reach UAH 41 by the end of the year, UAH 41 per $1 with a little tail. However, the average annual exchange rate should reach UAH 40.7 per $1,” the expert said.
The economist is confident that there will be no sudden collapse of the hryvnia this year. It is all thanks to the same financial assistance from the allies.
“As of today, we have fully confirmed macro-financial assistance until the end of this year. Therefore, there can’t even be a basis for a fall, because all the macrofinance will come – on time and in full,”
– Oleg Pendzin said.
However, Oleg Ustenko, an economist and Advisor to the President of Ukraine from 28 May 2019 to 30 March 2024, predicts that the exchange rate will be at least 44 UAH/USD by the end of the year.
“By the end of the year, we will not be at the levels we are at now. Firstly, as I said, the average annual exchange rate is set at 42.5, and if at the beginning of the year the rate was 38 and it was maintained at that level for almost six months, then, accordingly, to see the average annual exchange rate of 42.5, we should see at least UAH 44 at the end of the year,”
– Ustenko summarised.
