National Bank of Ukraine devalues hryvnia

Ukraine's central bank devalued the hryvnia currency by 25% against the US dollar on Thursday to help the country cope with the growing economic impact of the war with Russia, Report informs, citing UNIAN.

The National Bank of Ukraine (NBU) said in a statement that it had set the new hryvnia rate at 36.5686 to the dollar compared with the previous rate of 29.25 set at the start of Russia's invasion nearly five months ago.

"This step will improve the competitiveness of Ukrainian producers, converge exchange rate conditions for different groups of businesses and households, and support the resilience of the economy during the war," the bank said.