Currency Liberalization in Ukraine
The National Bank of Ukraine (NBU) is preparing a new phase of currency liberalization aimed at increasing the flow of foreign exchange earnings back into the country. Deputy Governor Volodymyr Lepushynskyi reported that in 2025, the volume of repatriated export revenue grew by approximately 5%. This increase follows a significant surge of nearly 20% in the previous year. These measures are part of a broader strategy to stabilize the economy and attract foreign investment.
Speaking at the Export Credit Forum in Kyiv, Lepushynskyi detailed the NBU's removal of temporary restrictions on settlements for contracts involving the Export Credit Agency and for the export of insurance services. As part of this process, 39 forward contracts worth $10 million have been concluded. Since the first quarter of 2025, the volume of hryvnia loans for exporters has risen by 25%, while foreign currency loans for exporters have increased by 20%.
Outlook for Currency Liberalization
Volodymyr Lepushynskyi emphasized that the NBU maintains currency liberalization as a key priority and is prepared to further relax currency restrictions as the inflow of export revenue continues to grow.
Furthermore, the National Bank is preparing to introduce a reference euro exchange rate for 2026, which could mark another significant step toward full currency liberalization.
The NBU's initiatives are expected to substantially impact Ukraine's economic landscape by easing exporters' access to financing and stimulating greater foreign currency inflows. Given the ongoing efforts to stabilize the economy, further progress in currency liberalization could also enhance the investment climate and bolster international partners' confidence in Ukraine's economic resilience.