The National Bank of Ukraine published the Oversight Council’s conclusions from its fifth regular review of the UONIA money market indicator and key foreign exchange market indicators, finding that UONIA remains a representative benchmark but needs methodological improvement, while the official and reference UAH/USD exchange rate indicators continue to meet market needs without changes. The 27 February 2026 biannual review assessed whether structural market changes or other factors warranted replacing indicators or adjusting their calculation and publication. For UONIA, the Council noted shortcomings in the current methodology but still judged the indicator objective, with NBU structural units continuing work on enhancements supported by international technical assistance. For FX indicators, trading volumes were deemed sufficient to produce reliable UAH/USD rates, and the transaction currency mix continued to show the US dollar as the dominant driver despite a slight increase in the euro’s share in certain segments; implementation of previously approved measures is ongoing, including a new 12:00 reference UAH/EUR exchange rate and changes to methodologies for official rates for currencies other than the US dollar. The Oversight Council acts in an advisory capacity, with decisions on money market and FX market indicators taken by the NBU Board.
National Bank of Ukraine 2026-04-06
National Bank of Ukraine Oversight Council reviews UONIA and FX benchmarks and sees no need to change UAH/USD rate methodology
The National Bank of Ukraine published the Oversight Council’s fifth review of the UONIA money market indicator and key foreign exchange market indicators, confirming UONIA remains a representative benchmark but requires methodological improvements. The review found the official and reference UAH/USD exchange rate indicators continue to meet market needs without changes, with sufficient trading volumes and the US dollar remaining the dominant transaction currency despite a slight increase in the euro’s share.