NBU exchange rate

How the NBU official rate is formed
The official NBU rate is published daily as a reference for public and business calculations. It is formed based on operations on the interbank foreign exchange market and the methodology applied by the National Bank.
The process involves collecting data on currency demand and supply, as well as applying internal rules for selecting and processing quotations. The result is presented as a single value for each currency and serves as the single fixed daily reference.
Installation procedure
To determine the rate, the NBU analyses transaction results and market participants' orders during operating hours. This allows reflecting average market conditions without the influence of isolated anomalies.
After calculation, the values undergo internal verification before official publication. This approach reduces the risk of erroneous quotes and makes the rate acceptable for widespread use.

What the official NBU rate is used for
The official NBU rate is applied in accounting when converting amounts in foreign currency to the national currency. It is also used in financial reporting and when preparing tax returns to ensure consistent approaches for taxpayers and regulators.
The rate serves as a reference for customs calculations and for determining the tax base in foreign trade operations. Thanks to a single official indicator, the scope for discrepancies between counterparties and regulators is reduced.
Practical aspects of application
In accounting entries and reports, the rate used is the one on the specific reporting date or the transaction date depending on legal requirements. This makes it possible to correctly reflect foreign exchange transactions in financial documents.
Customs authorities often tie’ calculations to the official rate on the day documents are issued. This practice standardises the approach and reduces disputes when declaring the value of goods.

Why the NBU official rate does not match the exchange office rate
The difference between the official rate and the rate at exchange offices is explained by the fact that banks and exchange points set their own quotes based on commercial objectives. They add a margin, factor in operational costs and risks.
In addition, large volumes are traded on the interbank market and average prices are formed. Retail exchangers work with smaller amounts and can quickly respond to local fluctuations in demand and supply.

How the cross rate is calculated for other currencies
A cross rate is calculated via a common base currency, usually the national or a foreign currency that serves as an intermediary. The method involves dividing one official rate by another to obtain the relationship between two currencies without a direct quotation.
This approach allows obtaining a rate for any currency pair when direct market quotations are absent. Calculations are performed taking into account rounding rules and the methodology of official publications to ensure stability of values.

Recommendations for practical use
When preparing reports and customs documents, you should clearly record which exchange rate date was used and on what basis. This helps avoid misunderstandings during tax audits and when auditing financial results.
If you need to compare the official rate with retail quotes, bear in mind the margins and fees applied by intermediaries. Understanding how rates are formed reduces the risk of surprises when dealing in foreign currency.