In Ukraine, the foreign exchange market has reached a new milestone as the official Euro exchange rate hit a record high of 46 hryvnias and 92 kopecks per Euro. This marks the highest value observed in the history of currency tracking in the country. The previous record, set in September 2024, has now been surpassed by 1 hryvnia and 8 kopecks. Meanwhile, the official dollar exchange rate is set at 41 hryvnias and 38 kopecks, leading to a significant difference of over 5 hryvnias between the Euro and dollar.
According to the National Bank of Ukraine (NBU), these figures represent the official rates established by the bank. However, in commercial banks and exchange offices, the rates tend to be higher. In Kyiv, for instance, the Euro was seen fluctuating between 47 and 47.90 hryvnias, while the dollar ranged from 41 to 41.67 hryvnias in various exchange points.
Economist Andriy Novak provided insights into the reasons behind the fluctuating currency values. He noted that the devaluation of the dollar on the global market is primarily due to the trade war initiated by the United States against several countries. This global trend is having a direct impact on the Ukrainian market, with the dollar losing ground not just against the Euro, but also against the hryvnia. Conversely, the Euro is strengthening. "Ukraine simply mirrors what is happening among major world currencies. This is a consequence of global processes," Novak explained.
Additionally, U.S. President Donald Trump's administration has temporarily postponed the introduction of increased tariffs for most countries for 90 days. Economists believe this decision may help stabilize the currency market and could even allow the dollar to regain some of its former strength.
As for saving strategies, experts recommend diversifying currency holdings rather than keeping all savings in one currency. It's suggested to split savings into roughly equal parts among hryvnias, dollars, and Euros. This strategy is designed to mitigate risks associated with currency fluctuations. Furthermore, it is advisable to keep funds in banks rather than at home, as interest rates can help offset inflation. "The highest interest rates will be in hryvnias, while those in dollars and Euros will be lower. However, this approach will protect you from sharp currency changes," the specialist noted.
Despite the record rise of the Euro, experts are reassuring the public that these fluctuations are not critical for the Ukrainian economy. Financial advisors are urging individuals not to panic or make impulsive currency transactions, as the foreign exchange market is expected to stabilize soon.
As of April 15, 2025, the average purchase price of the dollar in banks was reported at 40.92 hryvnias, which is a decrease of 18 kopecks compared to April 14. The average selling price was 41.55 hryvnias, down by 12 kopecks. For the Euro, the purchase rate was 46.32 hryvnias and the selling rate was 47.40 hryvnias. In the black market, the dollar was available for an average of 41.02 hryvnias for purchase and 41.14 hryvnias for sale, while the Euro could be bought for 46.50 hryvnias and sold for 46.73 hryvnias.
Looking ahead, banker Taras Lesovoy predicts that from April 14 to April 20, the dollar in the cash market will hover between 40.70 and 41.50 hryvnias, while in the interbank market, it will range from 41 to 41.60 hryvnias. Several factors are expected to influence the currency market, including monetary measures by the NBU aimed at controlling inflation and strengthening the hryvnia. The market operates under a regime of managed flexibility, allowing regulators to exert influence over exchange rate formation based on current conditions.
Lesovoy noted that agricultural activities during the sowing campaign are also impacting the currency market, as farmers are selling excess currency, which increases its supply. This dynamic can help stabilize the market.
On April 16, 2025, the NBU officially set the dollar exchange rate at 41.17 hryvnias, reflecting a decrease of 14 kopecks. The Euro fell by 41 kopecks to 46.61 hryvnias. The official exchange rate for the Polish zloty was established at 10.88 hryvnias. In exchange offices, the dollar was sold for an average of 41.1 hryvnias and bought for 40.8 hryvnias. The Euro was offered at 47.9 hryvnias for sale and 46.6 hryvnias for purchase.
Experts warn that the dollar-to-hryvnia exchange rate is likely to rise as long as the conflict between Russia and Ukraine continues. However, they anticipate that should the war come to an end, the exchange rate could stabilize at its current level, as indicated in the draft budget for 2025.
In the coming days, a significant change in the cash dollar exchange rate is anticipated within Ukrainian banks. Forecasts suggest that by the end of the current work week (April 18), the rate will remain between 40.9 and 41.1 hryvnias. On the evening of April 15, banks were buying currency at 40.85 hryvnias and selling at 41.5 hryvnias, indicating a potential rise in both purchase and selling rates. Financial expert Oleksiy Kozyryev has indicated that exchange offices will likely experience similar trends, with rates projected to range from 41 to 41.8 hryvnias.
In summary, various factors will influence the Ukrainian currency market in the upcoming days, including the ongoing trade war initiated by President Trump, the anticipated meeting of the NBU Board regarding the discount rate, and business calculations with the government regarding taxes and fees. These elements are all expected to play a role in shaping the currency landscape as the nation navigates through these economically turbulent times.
