On November 5, 2014, the National Bank conducted the first foreign exchange auction announced by the Governor of the National Bank during the meeting with the senior managers of banks. 64 banks submitted 178 bids worth USD 26.12 million. The exchange rate specified in the bids ranged between UAH 12.90 - 13.81 per USD 1.

Under the auction rules, the cutoff rate was set at UAH 13.41 per USD 1. Overall, 41 bids worth USD 5 million from 19 banks were accepted. The weighted average exchange rate was UAH 13.5219 per USD 1.

88 banks that are granted credit limits by the National Bank are eligible for participation in the auction. To participate in an auction, banks have to submit bids specifying the exchange rate at which they are willing to purchase foreign exchange to the National Bank from 9 a.m. to 10 a.m. Bids submitted by banks are processed from 10 a.m. to 11 a.m. Some bids with the highest price (that deviates substantially from the weighted average exchange rate) are cut off and rejected. The weighted average exchange rate of the hryvnia is calculated based on the successful bids (bids that have been accepted at the auction). At 11 a.m. the National Bank publishes the weighted average exchange rate and the cut-off rate on its web page in the Thomson Reuters system.