The National Bank of Ukraine strengthened the hryvnia on Monday, setting the official exchange rate for Tuesday, September 1, at 44.52 hryvnias to the US dollar.
The new rate represents a 3-kopiyka gain for the Ukrainian currency compared to the previous benchmark, according to data published on the central bank website.
The hryvnia also posted a larger advance against the euro, gaining 24 kopiykas. The regulator set the official European currency rate at 51.64 hryvnias per euro for the first day of autumn.
On the Ukrainian interbank foreign exchange market, trading closed by 4:00 p.m. with hryvnia quotes standing at 44.54 to 44.57 per dollar. Interbank quotes for the euro settled between 51.66 and 51.68 hryvnias.
Commercial bank rates and PrivatBank
Commercial bank rates across Ukraine showed mixed movement on August 31. The average price to purchase US dollars at Ukrainian banks remained unchanged at 44.87 hryvnias per dollar, while citizens could sell dollars to banks at an average rate of 44.33 hryvnias.
The average bank exchange rate for the euro dropped by 5 kopiykas to 52.24 hryvnias per euro. The average rate for selling euro currency to banks was 51.54 hryvnias.
At PrivatBank, Ukraine's largest commercial lender, dollar rates held steady at 44.75 hryvnias per dollar for purchase and 44.15 hryvnias for sale. However, the bank reduced its euro exchange rate by 30 kopiykas to 52.05 hryvnias per euro, offering to buy euros at 51.05 hryvnias.
Role of the central bank
The National Bank of Ukraine serves as the country's central monetary authority, responsible for maintaining currency stability and managing official exchange rates. The hryvnia, introduced in 1996 as Ukraine's national currency, is divided into 100 kopiykas.
State-owned PrivatBank operates the largest retail network among financial institutions in the country, serving as a primary benchmark for retail currency transactions across Ukrainian cities.
