Dollar exchange rate in 2025: how much will the currency cost according to experts' forecasts

Dollar exchange rate forecasts in Ukraine for 2025-2026

According to ХВИЛЯ: In 2025, the average dollar exchange rate in Ukraine is projected to be at the level of 42-42.5 UAH in banks and 41.88-42.37 UAH in exchange offices. This data is provided by experts who also note that the gold and foreign exchange reserves of the National Bank of Ukraine (NBU) at the beginning of December 2025 will amount to 54.748 billion dollars. Inflation in November 2025 is expected to reach 9.3%.

Forecasts for 2026

The forecasts for 2026 indicate a gradual devaluation of the hryvnia with a budget exchange rate of 45.7 UAH per dollar. Expectations at the beginning of 2026 estimate the dollar exchange rate at:

• 42.2-42.8 UAH (according to Dilyara Mustafaieva)
• 42.6-42.8 UAH (in the opinion of Oleg Hetman)
• 42.6-43 UAH (according to Serhiy Mamedov)

Regarding the end of 2026, the forecasts vary:

• Concorde Capital expects the exchange rate to be at 44-44.5 UAH
• KIT Group predicts up to 45 UAH
• Oleg Hetman indicates 43.5-43.8 UAH

Experts express views on possible scenarios for the development of events. Serhiy Mamedov notes that Ukraine will need at least 3-4 years from the moment of the end of the war to reorient towards the euro. Oleg Hetman believes that the main safeguard against the collapse of the hryvnia is the National Bank and its gold and foreign exchange reserves.

Without serious shocks, the budget indicator of 45.7 UAH is unlikely.

Oleksandr Parashchiy

Dilyara Mustafaieva adds that the market is already morally ready for the fact that 43 UAH per dollar is a matter of the near future.

Thus, the dollar exchange rate in Ukraine for 2025 promises to be stable, although further forecasts indicate possible changes in 2026. Experts remain cautious in their assessments, considering economic factors and external economic conditions. The support of the NBU's gold and foreign exchange reserves plays a key role in ensuring stability in the currency market, especially in the face of possible economic shocks. Analyzing these factors will help identify potential risks and opportunities for the Ukrainian economy in the near future.