The National Bank of Ukraine (NBU) witnessed a decline in net sales of dollars during the second week of October after transitioning from a fixed exchange rate to a managed flexible rate regime, dropping from $1,151.7 billion in the first week to $575 million. This figure was lower than the net sales recorded during the last three weeks of September. According to Ukrainian media reports, sales were almost negligible during the previous week, amounting to only $0.25 million, as stated on the NBU's website.
During the same period, the hryvnia exchange rate on the interbank market experienced a 0.5% improvement, gaining 19 kopecks to reach 36.3931 hryvni/$1. Prior to October 3, when the regime was altered, the official rate set by the National Bank remained at 36.5686 hryvni/$1 since late July 2022.
Over the past week, the dollar depreciated by approximately six kopecks, resulting in an exchange rate of 38.07 hryvni/$1. On the day of the regime change, the exchange rate peaked at 38.30 hryvni/$1.
In September, the NBU's net sales increased to $2.691 billion from $2.364 billion in August and $1.93 billion in July. However, international reserves experienced a 1.7% decline to $39.708 billion last month, following a 3.2% decrease in August from a record high of $41.72 billion.
Since the start of the year, the NBU has purchased $208.3 million from the market and sold $21,201.5 billion.