Dollar Crosses 44 Hryvnias — Historic Exchange Rate Record

On March 13, 2026, the National Bank of Ukraine set the official dollar exchange rate at 44.1636 UAH/$, breaking through the psychological barrier of 44 hryvnias for the first time in history. Over the week, the hryvnia weakened by more than 30 kopiykas — the fastest depreciation rate since the beginning of the year.

Record Timeline

The exchange rate rose steadily throughout the week. On March 11, the NBU slightly lowered the official rate to 43.86 UAH/$, but the interbank reference rate had already reached 43.92 — a new record low for the hryvnia. On March 12, the official rate jumped to 43.97 UAH/$, and on Friday, March 13, it crossed the historic threshold of 44.16 hryvnias per dollar.

Why the Hryvnia Is Weakening

Analysts identify several key factors putting pressure on the national currency. The escalating situation in the Middle East, particularly the confrontation between the US and Iran, has driven up global oil and gas prices. For Ukraine as a net energy importer, this means a widening trade deficit.

Additional pressure comes from the euro weakening on international markets and seasonal growth in currency demand. At the same time, the National Bank maintains its strategy of gradual managed devaluation aimed at supporting the competitiveness of Ukrainian exports.

NBU Supplies Banks with Foreign Cash

Amid growing demand for foreign cash, the NBU conducted three operations to replenish bank cash reserves between March 9 and 11. On March 11 alone, one bank received $40 million and €34 million in cash. These preventive measures ensured sufficient supply of foreign currency banknotes at PrivatBank and other major institution branches.

Impact on Crypto Exchange in Ukraine

Hryvnia depreciation traditionally increases Ukrainian interest in cryptocurrencies as a store of value. Demand for purchasing USDT with hryvnia has risen, as stablecoins provide dollar-pegged stability without the need to open foreign currency accounts. P2P market activity has also increased, with traders seeking to lock in current rates.

For those who exchange USDT for hryvnia, the weakening national currency means higher hryvnia proceeds per token. However, increased volatility requires careful monitoring of exchange rate fluctuations when planning exchange operations.

What Comes Next

Experts forecast that the March exchange rate may fluctuate within the 43.5–44.5 UAH/$ range. The NBU will continue managing the pace of depreciation, but further Middle East escalation or delays in international financing could create additional pressure. For Ukrainian crypto exchange users, this means the need to more carefully track the hryvnia rate when planning to buy or sell digital assets.