Banks have ramped up the import of cash dollars into Ukraine, reaching the highest levels since the beginning of the year.
The volume of cash foreign currency that banks imported into Ukraine in September 2024 amounted to $1.306 billion. This is a 20.3% increase compared to August ($1.085 billion).
This was reported by RBK-Ukraine referencing data from NBU.
During September, banks imported $1.075 billion in cash dollars, which is 27.9% more than in August ($840.8 million). This is the highest volume since February of this year.
The volume of cash euros decreased to $229.6 million equivalent (compared to $243.9 million in August).
According to NBU data, $108.5 million worth of currency was exported from Ukraine in September.
Currency Demand
Previously, NBU noted an increase in currency demand both in the interbank and cash markets.
In particular, NBU sold $3.214 billion on the interbank currency market in September 2024, which is 19.9% more than in August ($2.679 billion).
The population of Ukraine purchased $1.096 billion in banks in August 2024. The volume of purchases increased by 40.4% compared to August, when Ukrainians bought $780.8 million.
The dollar exchange rate on the cash market in September fluctuated around 41.50 hryvnias. Overall, the rate increased by 15 kopecks to 41.55 UAH/dollar over the month.
Currency Reserves of Ukrainians
According to NBU, from January to August 2024, the growth of cash currency outside banks was estimated at $10.3 billion. In August, the volume increased by $1.3 billion. In total, the population and businesses may hold around $130 billion.
As stated by former NBU Council Head Bohdan Danilishin, since the beginning of 2024, the net purchase of currency by the population of Ukraine reached $8.2 billion. This accounts for almost a third of the international aid volume to Ukraine.
"Within the framework of a fixed exchange rate, the population was still uncertain about which currency to hold their monetary assets in, but now it seems they have clearly decided. In 2024, the population prefers currency assets over hryvnia ones at a ratio of 15 to 1," added the former NBU Council Head.