On 27 February 2026, the Oversight Council for Ukrainian Money Market and FX Market Indicators (the Council) conducted the fifth regular review of the UONIA money market indicator and FX market indicators (the official hryvnia exchange rate against foreign currencies, accounting prices for investment metals, and the hryvnia reference exchange rate to the U.S. dollar).
This biannual review is aimed at determining whether or not there have been any structural changes in the market and/or other grounds that may indicate the need to replace the existing indicators, adjust their methodology, or address other important aspects of their calculation and publication.
Here are the key conclusions based on the review 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 their work on this matter, supported by international technical assistance.
The official/reference exchange rates of the hryvnia to the U.S. dollar and the methodology for calculating these exchange rates currently meet the market’s conditions and needs. Trading volumes on the FX market are fully sufficient for calculating reliable exchange rate indicators for the hryvnia against the U.S. dollar. There is currently no need to amend the methodology or any other aspects regarding the calculation and publication of UAH/USD foreign exchange market indicators.
The currency composition of transactions on the FX market confirms the status of the U.S. dollar as the main currency shaping the exchange rate. While the euro’s share has grown slightly in specific FX market segments, the U.S. dollar remains the dominant currency across all segments of the market.
The implementation of previously approved proposals is ongoing. These include the introduction of a new FX market benchmark – the reference UAH/EUR exchange rate as of 12:00 – and revisions to the methodology for calculating official exchange rates for currencies other than the U.S. dollar.
Information messages about the results of the regular review of money market and FX market indicators (MFXMIs) are available at the following links:
The Oversight Council was established on 18 August 2023. This collegial body includes NBU employees and external members recommended by the Money Market and FX Market Contact Group.
The Oversight Council is tasked with working out and discussing issues related to the definition, calculation, and publication of MFXMIs. These include:
- assessment of the representation performance of MFXMIs
- development and adjustment of methodology for MFXMIs
- oversight of the internal control system
- error-handling policy
- review of audit results
- prevention of conflicts of interest
- consideration of claims
- data quality control supervision
- The compliance of MFXMIs with IOSCO principles.
The Oversight Council is an advisory body. Any and all decisions regarding MFXMIs are made by the NBU Board.