The dollar exchange rate in Ukraine rose to a record 38.0144 hryvnias
On January 1, 2024, the National Bank of Ukraine increased the official exchange rate of the dollar by 1 kopeck, and now it is a record 38.0144 UAH, which indicates further devaluation of the hryvnia. At the same time, compared to December 31, the euro rate decreased from UAH 42.2079 to UAH 42.0059.
Earlier, the Ministry of Finance of Ukraine and business representatives reported that they expect the hryvnia to weaken in 2024, as there are no fundamental factors for its strengthening. Therefore, the exchange rate was forecast at the level of UAH 41.4/$.
During 2023, the budget of Ukraine received 1.66 trillion UAH in the form of taxes, fees and mandatory payments. The State Tax Service fulfilled the revenue plan by 100.5% (+3.8 billion UAH), while the State Customs Service fulfilled only 93.7% (-26.5 billion UAH) as a result of blocking the Polish-Ukrainian border and stronger, than predicted, the exchange rate of the hryvnia against the dollar.
It remains unclear why the NBU in October and November strengthened the exchange rate from UAH 36.6 to UAH 36/$ and lost UAH 10-15 billion from the sale of foreign currency international aid, although the market expected the devaluation of the hryvnia to UAH 37.5-38/$.
State budget revenues in 2023 amounted to UAH 3,289.9 billion, of which:
- from tax - 740.1 billion UAH (+45.5 billion UAH y/y),
- customs - UAH 459.8 billion (+ UAH 159 billion y/y),
- OVDP – 520 billion UAH (+270 billion UAH),
- international aid – $42.6 billion (1.57 trillion UAH),
- from the NBU as part of the profit received for the year - UAH 35.9 billion.
Revenues of the tax service amounted to:
- VAT – UAH 214.1 billion (UAH 346.5 billion collected, UAH 132.4 billion reimbursed),
- Personal income tax and military service - UAH 175.7 billion,
- corporate income tax – UAH 143.6 billion,
- excise tax - UAH 102.8 billion,
- rent – UAH 59.8 billion,
- dividends and part of the net profit of state-owned enterprises - UAH 35.1 billion.
Internal revenues amounted to UAH 1,719.8 billion, external revenues to UAH 1,570 billion. The economy of Ukraine (without debts and grants) replenished the budget by UAH 1,199.3 billion, which is a good indicator for peacetime, but now, when approximately the same amount is in the shadows, it is a rather weak indicator.
We would like to remind you that international aid cannot be spent on war, but only revenues from customs, tax and OVDP.
At the same time, international aid amounted to $42.6 billion, of which $11.5 billion are grants that do not need to be repaid, and another $31.1 billion are soft loans.
Revenues of local budgets amounted to UAH 430 billion.
