• Ukraine devalues its currency, the hryvnia, by 25% relative to the US dollar.
• The current exchange rate is 36.568 per dollar and “remains fixed,” according to the NBU.
• when Moscow launched its full-scale invasion of the Ukraine, the exchange rate was 29.25 hyrvnia per dollar.

The Ukraine has devalued its currency, the hryvnia, by 25% relative to the US dollar.

“The reasoning behind the decision was the shift in the fundamental parameters of the Ukrainian [hryvnia] during the war and the strengthening of the dollar,” the banking regulator, the National Bank of Ukraine, said in a statement.

The current exchange rate is 36.568 per dollar and “remains fixed,” according to the NBU. On February 24, when Moscow launched its full-scale invasion of the Ukraine, the exchange rate was 29.25 hryvnia per dollar.

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The regulator also imposed a limit of 50,000 hryvnia on foreign currency withdrawals abroad and a monthly limit on international payments made with hryvnia bank cards.

“The NBU acted faster than we expected, preferring not to wait for the outcome of ongoing talks on unblocking Ukrainian grain exports by sea, which could add an estimated $800mn-$900mn to monthly export revenues,” Kyiv-based investment bank Dragon Capital said in a note to investors.