At the beginning of November, demand for foreign currency in Ukraine significantly increased due to higher budget expenditures, particularly on defense, and more active dollar purchases by the population. At the same time, Russian shelling and reduced foreign currency earnings from exporters limited the supply of currency. The National Bank stated that the situation remains under control and there is no systemic shortage of cash dollars and euros.
This is stated in the official NBU message regarding the situation on the foreign exchange market.
According to the regulator's explanation, the increase in government spending, primarily in the defense and security sector, strengthened the demand for foreign currency. An additional factor was more active currency purchases by individuals, typical for the beginning of the month after updated monthly limits.
At the same time, currency supply decreased due to significant VAT refunds at the end of October and the consequences of Russian shelling for Ukrainian exports.
In particular, due to the attacks, seasonal growth in agricultural and metallurgical exports turned out weaker than it could have been under more favorable conditions. Accordingly, enterprises in these sectors sold smaller volumes of foreign currency on the foreign exchange market.
Additional supply was provided by some companies, but their sales were irregular. When such operations stopped, the hryvnia weakened against the dollar.
The NBU also responded to the widening difference between the official hryvnia exchange rate and cash currency selling rates at financial institutions. The regulator held consultations with market participants and on November 3 organized operations to exchange banks' non-cash currency for cash to replenish their cash desks.
The National Bank offered banks 100 million US dollars and 100 million euros. However, actual demand for cash dollars was only 14 million dollars, and there were no applications for euros at all.
The NBU satisfied all banks' applications in full.
According to the regulator's assessment, the results of operations confirmed the absence of systemic problems with the physical availability of cash foreign currency in the banking system. Therefore, the National Bank sees no economic grounds for a significant widening of the difference between the official rate and currency selling rates by financial institutions.
For additional support of cash currency liquidity, the NBU planned repeat currency exchange operations for November 4. The regulator emphasizes that these measures are preventive and aimed at meeting the needs of the population.
The National Bank also noted that fluctuations in the official hryvnia exchange rate reflect changes in the balance of demand and supply of foreign currency in accordance with the managed exchange rate flexibility regime.
The regulator assured that it has sufficient resources to maintain the stability of the foreign exchange market. As of October 1, 2026, Ukraine's international reserves stood at 47.1 billion dollars, and by the end of October, according to the NBU, their volume increased.
For comparison, at the beginning of Russia's full-scale invasion, international reserves were less than 30 billion dollars.
The NBU emphasized that it continues to monitor the situation and is ready to apply additional measures if necessary to ensure the stability of the foreign exchange market.
Based on materials: National Bank of Ukraine
