The interbank market is where banks buy and sell currency with each other and with the NBU; the official hryvnia rate is calculated from its deals.
The interbank market, often just «the interbank», is where banks buy and sell currency with each other and with the National Bank: for their own needs and on behalf of clients, mainly importing and exporting companies. Individuals don't trade there directly; they buy currency from a bank, and the bank goes to the interbank market.
The interbank rate changes during the day with every deal. The NBU calculates the official rate from interbank deals: it takes dollar deals of USD 100,000 to 5 million concluded before 15:00, drops outliers and calculates a weighted average rate. Rates at banks and exchange offices also follow the interbank market, adding their own margin.
When the market lacks currency, the NBU sells it on the interbank market (FX interventions) so the rate doesn't jump sharply.
In detail, with examples: What drives the hryvnia exchange rate and how the NBU sets the official rate
FX intervention Managed flexibility Devaluation
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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.