Glossary

Devaluation: what it means

Devaluation is the fall in value of the national currency against foreign ones: the same hryvnias buy fewer dollars or euros.

Devaluation is a fall in the value of the hryvnia against foreign currencies. When the official dollar rate rises from 42.08 to 45.59 hryvnias, as it did from October 2025 to October 2026, the hryvnia devalues by about 8.3%.

Devaluation and inflation are related but different. Inflation shows how goods and services get more expensive in hryvnias; devaluation shows how the hryvnia's rate against other currencies changes. Imported goods get more expensive faster after a devaluation.

For savings, devaluation means a choice between the hryvnia with a higher rate and foreign currency with a lower one. A hryvnia deposit pays more as long as the hryvnia loses less over the year than the after-tax difference in rates.

In detail, with examples: A hryvnia or a dollar deposit: which pays more in 2026

Related terms

Inflation Key policy rate Real return

Figures used here

  • NBU official dollar rate, UAH42.08
    29 Oct 2025
  • NBU official dollar rate, UAH45.59
    29 Oct 2026

Checked against official sources on November 1, 2026. When a figure changes, it is updated on every page of the site.

Spotted a mistake or an outdated figure? and we will check it against the primary source and fix it.

Read more