An FX intervention is a central bank selling or buying currency on the market to cover a shortage or surplus of currency and smooth rate swings.
An FX intervention is a central bank operation on the currency market: selling currency when there's a shortage and the hryvnia weakens too much, or buying it when there's too much currency and the hryvnia strengthens too much. The aim is to smooth exchange rate swings and close the gap between supply and demand.
During the war the NBU almost only sells currency: imports far exceed exports, and the difference is covered by international aid, which the government sells to the National Bank. In 2025 the NBU sold USD 36.1 billion on the interbank market, and in January-October 2026 USD 44.28 billion.
Interventions are possible as long as the NBU has sufficient international reserves. That's why large reserves calm the market even when the National Bank isn't actively spending them.
In detail, with examples: What drives the hryvnia exchange rate and how the NBU sets the official rate
Interbank market International reserves Managed flexibility
Checked against official sources on November 10, 2026. When a figure changes, it is updated on every page of the site.
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Three rates, the official rate formula, regimes 2013-2026, currency supply and demand, interventions and reserves, the key rate, inflation, myths and what to do with savings.