Undervalued and continuing to decline: the hryvnia is worth half of what the "Big Mac Index" indicates, according to The Economist.

The exchange rate of the hryvnia to the dollar is half of what it should be according to the "Big Mac Index," as reported by The Economist. Based on the "burgernomics" data, Ukrainians should be giving around 20 UAH for one dollar. However, the price of a hamburger at McDonald's reflects a very different reality. The issues with the exchange rate of the Ukrainian currency were highlighted in the infographic of the "Big Mac Index" for 2025.

The portal states that the index is calculated using data from McDonald's, Eurostat, and other information sources. The calculations also consider GDP figures and wage levels. Ultimately, an infographic was created for 54 countries, including the USA and the European Union. Among other things, it notes that a hamburger in the USA costs $5.78, while in Ukraine it is 120 UAH (which converts to $2.8 at the NBU exchange rate). Thus, based on the "Big Mac" rate, the dollar should cost 20.73 UAH. Instead, the actual rate is 42 UAH. Analysts from the publication concluded that the currency in Ukraine is undervalued.

"The Ukrainian hryvnia is undervalued against the US dollar by 50.7%," the portal states.

The infographic shows Ukraine's position among other currencies: it is in the "ditch" below the price of the "Big Mac" in the USA. The closest neighbors to the right are the Philippines and Malaysia (with better situations), while to the left are South Africa and Egypt (with worse situations). Additionally, Moldova and Azerbaijan, as well as Guatemala, have a better currency exchange rate. Meanwhile, Ukraine ranks sixth from the bottom.

Another graph illustrates the trend of how the "Big Mac Index" for the hryvnia has changed from 2020 to 2025. It shows that the best assessment of the dollar to hryvnia exchange rate was likely in 2007-2008. The highest undervaluation occurred in 2015. Meanwhile, during the war, the graph has not changed dramatically: it fluctuates at an undervaluation of 50%. A country with a similar currency trend is Malaysia, according to data from The Economist.

Hryvnia to Dollar Exchange Rate and Big Mac Index — Details

We remind you that on January 30, the CRI portal updated its annual Corruption Perception Index: there are some positive changes in Ukraine. Meanwhile, on the "Morning. Live" broadcast, an expert explained whether to expect a decline in the hryvnia's exchange rate against the dollar.