Hryvnia ended 2025 on stable positions: how the NBU maintained the exchange rate

Exchange rate of the Hryvnia in 2025

According to ХВИЛЯ: The Hryvnia ended 2025 on stable positions against the US dollar, despite significant fluctuations in the exchange rate throughout the year. According to the head of the National Bank of Ukraine, Andriy Pyshnyy, the stability of the national currency was supported by the growth of foreign currency earnings, a decrease in demand for foreign currency, and active defensive exports.

Dynamics of the Hryvnia's exchange rate

Throughout 2025, the exchange rate of the Hryvnia showed changes: in the first six months, the currency grew, while in the other six months, it weakened. The population's demand for foreign currency almost halved, which also affected the stability of the Hryvnia. Ukraine's partners began to actively purchase domestically produced drones, which added positive momentum for foreign currency earnings. However, attacks on the energy system and ports negatively impacted the Hryvnia's exchange rate, leading to its automatic decline against other global currencies in 2025.

Andriy Pyshnyy noted that the share of transactions without the participation of the National Bank steadily exceeded 50%. This indicates that the foreign exchange market demonstrated remarkable resilience in a changing economic environment. He also added that 'usually in spring, farmers increase currency sales for planting, and in autumn - during the harvest realization.' Overall, the fluctuations in the Hryvnia's exchange rate against the US dollar were not huge, indicating a relatively stable situation in the foreign exchange market.

The situation in Ukraine's foreign exchange market in 2025 demonstrates a certain resilience of the Hryvnia, despite external challenges and internal economic changes. The decline in demand for foreign currency and the growth of exports, particularly of domestic products, became important factors contributing to the maintenance of the Hryvnia's exchange rate. However, attacks on critical infrastructure highlight the vulnerability of the economy, which may affect the future dynamics of the exchange rate in the upcoming periods.