The National Bank provided an explanation on the alleged cancellation of the fixed dollar exchange rate, which was in effect at UAH 29.25, and states that this rate remains valid for the entire non-cash segment, that is, for most transactions in the foreign exchange market. The corresponding clarification was published on the Facebook of the NBU..

" USA. Fixing the exchange rate makes it possible to contain inflationary processes (due to cheaper critical imports) and keep inflationary expectations under control..

Restrictions on setting the exchange rate by banks in the non-cash segment of the foreign exchange market also remain unchanged..

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The National Bank notes that most transactions in the foreign exchange market are carried out in its non-cash segment, where, in particular, exporters and importers sell and buy non-cash currency. In the event of a currency deficit in the market, the NBU closes it by selling foreign currency from international reserves.

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The abolition of restrictions on the currency selling rate applies exclusively to the cash foreign exchange market.

" Banks can sell foreign currency through cash desks only in the amount in which they previously bought it from the population. Before the war, there was almost free flow of cash between the cash and non-cash segments of the market, plus the population could freely buy currency from banks.. Currently, the NBU currency restrictions put a "

According to the NBU, now in the cash market they mainly buy foreign currency for speculative earnings, financing "

" Therefore, the National Bank does not spend deficit international reserves to smooth out fluctuations in this market segment. From May 21, 2022, the NBU allowed banks not to limit their rates for the sale of cash currency. This equalizes the conditions for banks compared to exchangers, which will help increase the efficiency of the cash market and reduce exchange rate fluctuations on it..

From May 21, 2022, the National Bank of Ukraine also lifted restrictions on setting the rate at which banks debit funds in hryvnia from customer accounts if customers use hryvnia cards abroad or withdraw cash from cards.

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According to the NBU, this minimizes "

" A significant part of this cash then returns to Ukraine and ends up on the illegal cash market.. That is, de facto scarce foreign exchange resources can be spent on non-priority wartime needs, which is now extremely important to minimize. Therefore, equalization of the conditions for direct (through cash transactions) and indirect (through card transactions) purchases of currency, in Ukraine and abroad, by the population is a measure that will prevent the unproductive withdrawal of capital and protect Ukraine's international reserves..