National Bank of Ukraine – The Key to a Stable Financial System
The National Bank of Ukraine (NBU) is the country’s central bank, established in 1991 following Ukraine’s independence. The NBU is responsible for the stability of the hryvnia, regulation of the banking system, and support for economic growth. As the primary financial regulator, it sets currency exchange rates, implements monetary policy, and ensures transparency and security in financial operations across the country.
Why is the NBU Important for Ukraine?
The NBU plays a central role in shaping Ukraine’s economic policy. Its primary goal is to maintain low inflation, ensure banking system stability, and foster trust in the national currency. Through transparent mechanisms, such as daily setting of official currency exchange rates, the NBU provides a reliable foundation for businesses, citizens, and international partners.
- Regulating the banking system through licensing and oversight.
- Ensuring hryvnia stability in domestic and global markets.
- Promoting cashless payments and digital financial technologies.
Core Functions of the National Bank of Ukraine
The NBU performs a wide range of tasks to support the economy:
- Setting official currency exchange rates for the hryvnia against the USD, EUR, PLN, and other currencies.
- Issuing hryvnia and releasing commemorative coins and banknotes.
- Managing Ukraine’s gold and foreign exchange reserves, exceeding $40 billion as of 2023.
- Regulating the operations of commercial banks and non-bank financial institutions.
Additionally, the NBU promotes financial inclusion by developing digital services, such as the Electronic Payment System (EPS) and the PROSTIR payment system, which supports national cards.
The NBU’s Role in Economic Stability
During the war, the NBU demonstrated remarkable resilience, stabilizing the financial sector under the most challenging conditions. Through currency interventions and flexible monetary policy, the bank prevented significant hryvnia fluctuations and supported bank liquidity. The NBU also coordinated international financial aid, enabling Ukraine to secure billions of dollars from the IMF, World Bank, and EU.
Currency Exchange and Financial Tools
The NBU publishes daily official currency exchange rates, serving as a benchmark for banks, businesses, and citizens. These rates are available on the official website bank.gov.ua and in the “NBU Exchange Rates” app. The bank also regulates the interbank foreign exchange market, ensuring transparency in transactions involving USD, EUR, and other currencies.
Achievements and Innovations
The NBU is recognized as one of the world’s most transparent central banks by the IMF. In 2020, it received the Central Banking Awards for effective crisis management. The NBU is also actively developing a digital hryvnia (e-hryvnia), which could become Ukraine’s first state-backed digital asset, and supports the adoption of Open Banking standards.
How to Learn More About NBU Services?
While the NBU does not directly serve individuals, its services impact every Ukrainian. Visit the official website bank.gov.ua to check currency exchange rates, review financial reports, or explore new regulatory initiatives. For convenience, the NBU offers a Telegram chatbot and a mobile app for real-time updates.
The National Bank of Ukraine – your trusted partner in securing a stable economy and financial future!