Official Currency Rates for May 22, 2026
Ukraine's National Bank (NBU) has published its official exchange rates for May 22, 2026. The U.S. dollar rose by one kopeck, settling at UAH 44.2341. The Polish zloty gained two kopecks to reach UAH 12.0753, while the euro remained unchanged at UAH 51.3027. The NBU also confirmed that the key policy rate stays at 15%. These updates come amid ongoing monitoring of global economic trends and domestic pressures.
Drivers Behind Rising Inflation and Currency Shifts
Inflation in Ukraine has been climbing since January 2026, reversing a slowdown that had persisted from June 2025. Key factors fueling this uptick include:
- higher energy costs;
- Russian strikes on energy infrastructure;
- rising fuel prices linked to the Middle East conflict;
- a weaker hryvnia;
- wage increases.
In response, the NBU decided to conduct an operation exchanging non-cash foreign currency for cash.
Dollar rates at various banks show variation:
- Oschadbank: 43.90 / 44.45 UAH;
- Privatbank: 43.85 / 44.45 UAH;
- PUMB: 43.90 / 44.50 UAH.
For the euro, Oschadbank quotes 51.05 / 51.70 UAH, Privatbank 50.75 / 51.75 UAH, and PUMB 51.30 / 52.00 UAH. Monobank offers the dollar at 44.02 / 44.43 UAH, Raiffeisen at 43.95 / 44.45 UAH, OTP Bank at 43.65 / 44.35 UAH, and Ukrsibbank at 43.90 / 44.45 UAH. Euro rates stand at monobank 51.10 / 51.80 UAH, Raiffeisen 51.10 / 51.65 UAH, OTP Bank 51.00 / 51.95 UAH, and Ukrsibbank 50.90 / 51.80 UAH.
Analyst Vitaliy Shapran noted, 'The dollar cannot remain weak against the euro forever, and once a final trade deal between the U.S. and the EU is signed, the market will normalize.'
Recent currency movements highlight ongoing market volatility, likely tied to global economic factors and the situation in Ukraine. Keeping the key rate at 15% reflects the NBU's efforts to curb inflation, which could affect lending and investment. Close watch on the foreign exchange market remains essential, as international agreements may significantly shift currency trends.