Decrease in Currency Demand in Ukraine in 2025

In 2025, Ukraine is experiencing a significant decrease in demand for foreign currency, indicating a shift in the currency sentiments of the population and businesses. According to the National Bank of Ukraine, the highest demand for currency was observed in the fall of last year and at the beginning of this year, but it has since begun to decline.

This is reported by AgroReview

In March 2025, the volume of cash foreign currency brought into the country by Ukrainian banks amounted to 1.059 billion US dollars, which is 2.2% less compared to February. In particular, banks imported 801 million dollars in cash and 254 million euros in cash. At the same time, banks exported cash currency worth 181 million dollars.

Changes in Currency Transactions of the Population and Market Impact

In March 2025, the population of Ukraine purchased currency from banks amounting to 720 million dollars, which is 24.9% less than in the previous month. Since the beginning of the year, Ukrainians have bought currency totaling 3.158 billion dollars. Before Easter, for the first time in a long while, Ukrainians began selling more currency than they were buying.

According to the Deputy Head of the NBU, Yuriy Geletiy, there is a significant decrease in currency demand from citizens in mid-April. “Currently, we are even observing a net supply over the last few days,” he noted.

Cash Currency Volumes Outside Banks and the Currency Market

According to the NBU, in 2024, the volume of cash currency outside banks increased by 16.5 billion US dollars, compared to 11.7 billion in 2023. The population and businesses currently may hold around 130 billion dollars, which significantly exceeds all hryvnia assets totaling 2.7 trillion hryvnias. This indicates a high level of cash currency reserves in the country.