Ukraine's Central Bank Holds Key Rate at 15% and Releases May 20 Exchange Rates

Official Currency Rates for May 20, 2026

According to Главком: On the morning of Wednesday, May 20, 2026, the National Bank of Ukraine (NBU) published its official exchange rates. The U.S. dollar held steady at 44.15 hryvnias, unchanged from the previous day. In contrast, the euro fell by 20 kopiyky to 51.29 hryvnias, and the Polish zloty dropped 3 kopiyky to 12.08 hryvnias.

NBU Decision and Economic Outlook

The NBU's board decided to keep its key policy rate at 15%. This move comes after a period where inflation had been steadily slowing from June 2025 through January 2026, only to begin rising again after January. Several factors are driving this renewed price pressure:

• Ongoing damage to the energy sector from Russian strikes;
• A sharp spike in fuel prices linked to the conflict in the Middle East;
• The lingering effects of the hryvnia's earlier depreciation;
• Rising wages across the economy.

Additionally, the NBU announced a new operation to exchange non-cash foreign currency held by banks into physical cash. In a related statement, economist Vitaliy Shapran noted that

"the dollar cannot remain weak against the euro forever, and once the final trade agreement between the U.S. and the EU is signed, the market will return to normal."

As of May 20, 2026, Ukraine’s foreign exchange market shows some shifts-particularly in the euro and zloty-while the dollar remains stable. With inflation on the rise and the energy sector under strain, the NBU's decision to hold the key rate steady signals a cautious approach to monetary policy, aimed at avoiding additional volatility. The outcome of ongoing U.S.-EU trade negotiations could have a major impact on both Ukraine's currency markets and its broader economy in the months ahead.