The Ukrainian Agri Council welcomes the decision of the National Bank of Ukraine to raise dollar’s official exchange rate to the hryvnia. This will enable farmers not to lose income due to a significant difference between the official and commercial exchange rates.

Against the backdrop of farmers' incomes reduction due to low purchase prices for products, occupied and mined lands, rapid increases in the cost of logistics, equipment and materials for farming, the low dollar exchange rate took away 20% of a farmer's income only during currency transactions.

The Ukrainian Agri Council repeatedly emphasized the comparison of the official dollar exchange rate with the commercial exchange rate. The UAC also sent a corresponding official letter to President Volodymyr Zelenskyi, Prime Minister Denys Shmyhal, Chairman of the National Bank of Ukraine Kyryll Shevchenko, and Minister of Agri Industrial Complex Mykola Solskyi.

From the beginning of the full-scale invasion, on February 24, 2022, the NBU, with its resolution No. 18 "On the operation of the banking system during the introduction of martial law", obliged banks to purchase foreign currency from exporters at the official rate set by the NBU on February 24, 2022 - 29.25 hryvnias per dollar. Whereas the commercial rate, at which exporters and citizens bought currency, was about UAH36. At the same time, farmers had to sell foreign exchange earnings at the official exchange rate, which is significantly lower than the real one. As a result, farmers lost 20% of their income.

From 9 a.m. on July 21, 2022, the NBU adjusted the official exchange rate of hryvnia to dollar by 25%, from UAH29.25 up to UAH 36.5686 for 1 dollar. The National Bank explained that at the beginning of the full-scale invasion of Russia, the fixed exchange rate helped to stabilize the economy. Today's step will make it possible to increase the competitiveness of Ukrainian manufacturers, bring exchange rates closer to different groups of businesses and the population, and support the stability of the economy in wartime, the NBU added.