Ukraine Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
Ukraine's real effective exchange rate was 87.58 in 2024, ranked 18th globally. This represents a 4.6% decrease from 2023. Data from BIS, covering 1993–2024.
Overview
Ukraine's real effective exchange rate stood at 87.58 in 2024, a decline of +4.26 from 2023. Based on recent trends, this figure is projected to reach 88.78 by 2025. Ukraine ranked 18th globally.
Ukraine’s real effective exchange rate (REER) stood at 87.58 in 2024, placing the country 18th in the global ranking and closely aligned with Greece’s 87.35 and Cyprus’s 88.06. The index, measured relative to a 1990 base, has trended downward since its early‑1990s peak of 167.48 in 1994, reflecting successive depreciations of the hryvnia and competitive export pricing. A pronounced trough occurred in 2015, when the REER fell to 71.77 amid geopolitical tensions and macro‑policy adjustments, before a gradual re‑appreciation began in the following years. Over the 32‑year coverage period, the index has moved from 97.90 in 1993 to its current level, indicating a long‑run modest appreciation relative to trading partners. Continued fiscal consolidation, inflation control, and external financing conditions will shape whether Ukraine’s REER sustains its recent upward drift or reverts toward lower levels in response to future shocks.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 86.56 | - | - |
| 2026* trend | 87.67 | - | - |
| 2025* trend | 88.78 | - | - |
| 2024 | 87.58 | −4.26 | #18 |
| 2023 | 91.84 | −3.18 | #22 |
| 2022 | 95.03 | +0.90 | #38 |
| 2021 | 94.13 | +2.13 | #32 |
| 2020 | 92.00 | −1.37 | #24 |
| 2019 | 93.37 | +12.65 | #26 |
| 2018 | 80.72 | +4.28 | #7 |
| 2017 | 76.44 | +4.29 | #3 |
| 2016 | 72.15 | +0.38 | #3 |
| 2015 | 71.77 | −5.23 | #4 |
| 2014 | 76.99 | −21.15 | #5 |
| 2013 | 98.14 | −3.41 | #38 |
| 2012 | 101.56 | +2.15 | #70 |
| 2011 | 99.40 | −0.60 | #40 |
| 2010 | 100.00 | +2.10 | #95 |
Detected Pattern
Analysis
Ukraine matched the Fiscal Dominance Trap pattern in 2022. Historically, 72% of countries showing this pattern (278 out of 386) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
Ukraine's real effective exchange rate was 87.58 in 2024. Ranked 18th globally. This represents a 4.6% decrease from the previous year.
Ukraine's real effective exchange rate peaked at 167.48 in 1994.
The lowest real effective exchange rate in Ukraine was 71.77 in 2015.
Ukraine ranks 18th globally in real effective exchange rate as of 2024.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
Ukraine's real effective exchange rate is projected to reach 88.78 by 2025 based on trend extrapolation.
The real effective exchange rate of Ukraine in 2024 was 87.58. This ranks 18th in the world.
Cite this page
@misc{historysaid_ukraine_reer,
title = {Ukraine Real Effective Exchange Rate},
url = {https://historysaid.com/ukraine/reer/},
publisher = {HistorySaid},
year = {2026}
}