Ukrainian central bank announces biggest currency liberalisation since 2022 invasion

Kyiv – Ukraine's central bank said it is implementing the biggest liberalisation of its foreign‑exchange market since the country was invaded by Russia in February 2022.

Since the invasion, the National Bank of Ukraine (NBU) has kept tight controls on foreign‑currency transactions to preserve reserves and limit capital outflows amid the war.

The new package, described by the NBU as its most comprehensive easing to date, lifts a number of existing restrictions on buying, selling and converting foreign currency. Specific measures were not detailed in the announcement.

Officials said the reforms are intended to improve access to foreign currency for businesses and households, support reconstruction efforts and stabilise the hryvnia by deepening market liquidity.

Analysts note that a freer FX market could attract additional foreign investment and reduce the premium on the local currency, although the transition may bring short‑term volatility as participants adjust to the new rules.

The NBU emphasized that the liberalisation is part of a broader economic recovery plan and aligns with commitments to international partners, including the International Monetary Fund.

Ukraine has previously introduced incremental FX reforms, but the current step marks the most significant shift since the war began, signalling confidence in the country's fiscal resilience.

The effectiveness of the measures will depend on the pace of implementation and the stability of the security situation, with market watchers monitoring the impact on exchange‑rate dynamics and foreign‑currency availability.