This is reported by RBK-Ukraine referencing clarifications from the National Bank of Ukraine (NBU). This information is also provided by Kontrakty.UA.
As noted by the NBU, part of the demand is generated by volunteers who purchase necessary goods for the front from abroad. The demand for cash currency is also driven by small agricultural enterprises, small businesses, and others.
"Of course, a portion of this demand comes from the population. However, in the context of war, people's desire to diversify their financial risks is entirely understandable," the central bank stated.
The press service announced that the NBU's measures allow for limiting potential demand for currency: currently, over 310 billion hryvnias are held in term hryvnia deposits and government bonds (OVDP).
"Conversely, if there were a loss of confidence in the hryvnia, it is highly likely that these funds would end up on the currency market following money from current accounts," the NBU explained.
The NBU's policy continues to focus on maintaining interest in hryvnia assets. This will be further supported by an increase in the discount rate in December and January by a total of 1.5 percentage points to 14.5% per annum, "as this encourages banks to raise rates on hryvnia deposits."
Demand for Currency
Recall that in 2024, banks imported currency into Ukraine amounting to 15.9 billion dollars, of which cash dollars totaled 11.7 billion, and cash euros amounted to 4.2 billion dollars.
According to the NBU, in 2024, the growth of cash currency outside banks is estimated at 16.5 billion dollars (compared to 11.7 billion dollars in 2023). In total, the population and businesses may hold around 130 billion dollars, which is significantly more than all hryvnia assets (2.6 trillion hryvnias).
In 2024, Ukrainians purchased cash currency from banks totaling 12.2 billion dollars. The demand for currency remained high in January 2025 when citizens bought 1.480 billion dollars - a record volume in 12 years.