Since the beginning of the year the hryvnia’s official rate has fallen against the dollar by more than 1.5 times, or by UAH 9.79.

As a result of the indicative auction held by the NBU on Wednesday, the hryvnia equilibrium exchange rate as of 1330 was set at UAH 25.7318 to the dollar.

Some quotes for the hryvnia against the dollar on the interbank market, taking into account commission payments, reached UAH 25.50/26.10 to the dollar.

As UNIAN reported earlier, in 2014, the National Bank of Ukraine moved to flexible exchange rate formation on the foreign exchange market, which resulted in the hryvnia practically halving in value against the dollar.

Since the introduction of the hryvnia in 1996, it has three times suffered swift drops in its value: In 1998, its value fell by almost three times, from UAH 1.80 to UAH 5 to the dollar, while at the end of 2008 it sagged to UAH 8 to the dollar. It then dropped again at the end of last year, from UAH 8 to UAH 13 to the dollar, and has been losing value in fits and starts since then.

As reported earlier, on February 5 the National Bank of Ukraine gave up conducting daily auctions in the currency market to determine an equilibrium exchange rate.