REUTERS
The central bank will be publishing the daily rate on its website before 16:00, two hours earlier than it is now.
The National Bank of Ukraine (NBU) by its Resolution No. 80 is changing the methodology for calculating the official exchange rate of the hryvnia against the U.S. dollar starting August 2018.
"According to the Resolution, the official exchange rate of the hryvnia against the U.S. dollar will be calculated based on information on all transactions for the purchase and sale of U.S. dollars under the terms 'Tod,' 'Tom,' and 'Spot,' which on the day of calculating the official rate have been concluded by banks on Ukraine's interbank currency market with other banks and the NBU, of which information has been provided to the latter by trade and information systems before 15:30 on the relevant working day," the regulator's press service said.
The central bank will be publishing the rate on its website before 16:00, two hours earlier than it is now. When calculating the exchange rate, the NBU will be excluding non-representative agreements, as well as supplementing the publication with reference and reserve rates.
Read alsoUkraine’s Financial Stability Council supports concept of crypto regulation
The new calculation methodology assumes a two-stage system for excluding deals, the parameters of which for various reasons deviate from those of the vast majority of transactions on the relevant day, therefore, such transactions are not representative in calculating the official exchange rate of the hryvnia against the U.S. dollar. First, all transactions, the rate for which deviates by more than 2% from the arithmetic mean for all transactions will be excluded from the existing series of transactions. Then the deals will be excluded, the rate/volume of which deviates from the arithmetic mean rate/volume by more than two standard deviations.
Calculation of the official exchange rate of the hryvnia against the dollar will be carried out as a weighted average for all transactions that remained after the exclusions.
In addition to the official exchange rate of the hryvnia against the U.S. dollar, the NBU will be calculating the daily reference rate by the same method as the official exchange rate. However, it will be based on transactions concluded on the interbank currency market by 12:00. The rate will be published on the regulator's website before 12:30.
The mechanism for calculating the official exchange rate of the hryvnia to other currencies remained unchanged.