On 27 August 2025, the Oversight Council for Ukrainian Money Market and FX Market Indicators (hereinafter referred to as the “Oversight Council”) conducted the fourth periodic review of the UONIA money market indicator and FX market indicators (the hryvnia’s official exchange rate against foreign currencies, accounting prices for investment metals, and the hryvnia’s reference exchange rate against the U.S. dollar).
Conducted every six months, the review aims to detect any structural changes in the market and/or the emergence of other grounds that may indicate a need to replace existing indicators, adjust their methodology, or address other important aspects of their calculation and publication.
Key takeaways from the review’s findings:
Although the current methodology for calculating the UONIA is not perfect, the UONIA remains an objective indicator of the money market. That said, there is a need to find ways to improve the UONIA calculation methodology.
The NBU’s structural units will continue to work on this issue with the involvement of international technical assistance.
The hryvnia’s official/reference exchange rates against the U.S. dollar and the methodology for calculating them are currently meeting the market’s conditions and needs. The FX market’s trading volume is fairly sufficient to calculate reliable indicators based on the UAH/USD exchange rate. No changes are currently necessary to the methodology or other aspects of the calculation and publication of the UAH/USD FX market’s indicators.
The currency breakdown of transactions in the Ukrainian FX market confirms the U.S. dollar’s status as the main currency shaping the exchange rate. The trading volume in the UAH/EUR segment of the interbank FX market remains relatively small despite having grown. Meanwhile, the euro’s role in the FX market’s other segments has risen, further contributing to the potential for the euro to replace the dollar as the anchor currency going forward.
The implementation continues of previously approved proposals to introduce the calculation of a new UAH/EUR benchmark and make changes to the methodology for calculating the official exchange rate against currencies other than the dollar.
Information messages on the results of the periodic review of the money market and FX market indicators are available here:
The Oversight Council has been operating since 18 August 2023. This collective advisory body comprises NBU employees and external members recommended by the Money and Foreign Exchange Markets Contact Group.
The Oversight Council is tasked with processing and discussing the issues related to the definition, calculation, and publication of money market and FX market indicators. Those issues include:
- assessment of representation performance of money market and FX market indicators
- determination and adjustment of the methodology behind money market and FX market indicators
- oversight of the internal control system
- error-handling policy
- review of audit results
- prevention of conflicts of interest
- consideration of claims
- supervision of data quality control
- compliance of money market and FX market indicators with IOSCO principles.
The Oversight Council is an advisory body. Any and all decisions regarding money market and FX market indicators are made by the NBU Board.