(Bloomberg) -- Ukraine’s central bank devalued the official hryvnia exchange rate to protect its foreign-currency reserves as Russia’s invasion ravages the economy.

The hryvnia rate is set at 36.5686 per dollar compared with 29.5, where it has been frozen for the past five months, the National Bank of Ukraine said on Thursday. It suspended hryvnia trading and tightened capital controls after Russia’s attack in February to help the government import crucial goods and stem spiraling inflation.

The hryvnia will remain fixed at the new level, the central bank said.

Keeping the hryvnia on life support has taken its toll on Ukraine’s international reserves, as the war slashed the country’s foreign income. Exporters became reluctant to convert hard-currency inflows at the official rate, which didn’t take into account nearly half a year of economic deterioration.

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