Official Exchange Rates for May 19, 2026
On May 19, 2026, the National Bank of Ukraine (NBU) published its official exchange rates, showing notable gains for the US dollar, euro, and Polish zloty. The official rate for the dollar stands at 44.15 hryvnias, the euro at 51.41 hryvnias, and the Polish zloty at 12.11 hryvnias. Specifically, the dollar rose by 8 kopiykas, the euro by 15 kopiykas, and the zloty by 4 kopiykas. The NBU set the dollar rate at 44.1591 hryvnias, the euro at 51.4100 hryvnias, the British pound at 59.0584 hryvnias, the Polish zloty at 12.1120 hryvnias, and the Swiss franc at 56.2214 hryvnias.
Economic Landscape and NBU Key Rate Decision
The NBU Board decided to keep its key policy rate unchanged at 15%. Inflation, which had been slowing from June 2025 through January 2026, began to climb again after January 2026. The main drivers of price pressure include:
- rising energy costs;
- a strained energy sector following Russian strikes;
- a sharp increase in fuel prices amid the Middle East conflict;
- lingering effects from earlier hryvnia depreciation;
- wage growth.
The NBU also plans to conduct an operation to exchange banks' non-cash foreign currency for cash. According to Vitaliy Shapran, a former chief expert on monetary policy at the NBU Council Secretariat,
“the dollar cannot remain weak against the euro forever, and once a final trade agreement between the US and the EU is signed, the market will return to normal.”
Ukraine's foreign exchange market remains dynamic, with elevated price pressures and volatility in major currency rates, posing potential risks to the country's economic stability amid ongoing challenges. Keeping the key rate at 15% signals the NBU's commitment to curbing inflation, but persistent price pressures may require further measures in the future to stabilize the economy. A key event to watch is the potential US-EU trade deal, which could shift currency dynamics and the broader economic outlook for Ukraine.