Demand has decreased: banks have reduced the import of cash dollars and euros into Ukraine.

The volume of cash foreign currency that banks brought into Ukraine in November 2024 amounted to $1.478 billion. This is 12.2% less than in October ($1.684 billion).

This was reported by RBK-Ukraine citing data from NBU.

In October, banks imported $1.039 billion in cash dollars, which is 9.6% less than in September ($1.150 billion).

The volume of cash euros decreased by 17.8% to $437 million equivalent (from $532 million in October).

According to NBU, $121 million worth of currency was exported from Ukraine in November.

Currency Demand

It should be noted that the population of Ukraine purchased $1.394 billion in banks in October 2024, a record volume for the past 12 years (in November 2012 - $1.523 billion).

However, in November, the purchase volume decreased to $1.289 billion.

The dollar exchange rate in the cash market fluctuated around 41.50 hryvnias. However, at the end of the month, NBU allowed the dollar rate to float. Overall, during the month, the cash rate increased by 35 kopecks to 41.85 UAH/USD.

Foreign currency (dollars and euros) is the primary form of savings for Ukrainians.

According to NBU, from January to October 2024, the increase in the volume of cash currency outside banks was estimated at $13.3 billion (compared to $9.2 billion last year). In total, the population and businesses may hold around $130 billion, which is significantly more than all hryvnia assets (UAH 2.4 trillion).