Rise in Cash Circulation in Ukraine: What This Trend Means for the Economy
In Ukraine, a significant increase in the demand for cash has been observed, drawing considerable attention from economists, financiers, and the general public alike.
According to the National Bank of Ukraine, as of October 1, 2025, cash in circulation amounted to over 890 billion hryvnias.
This is an increase of 67.7 billion hryvnias, or 8.2%, compared to the beginning of 2025 when the total was 822.4 billion hryvnias.
Such growth indicates changing consumer behavior and reflects the broader economic situation within the country.Initially, cash withdrawal volumes decreased in the first quarter, but in the second and third quarters, a clear upward trend in demand emerged.
Experts suggest that this is related to increased uncertainty regarding the end of the war, a rise in airstrikes, and possible disruptions in power supply, which influence people’s confidence in financial stability.
As a result, many citizens are withdrawing and holding more cash, preparing for potential emergencies.Current statistics show that there are over 2.6 billion banknotes in circulation, primarily of denominations 500 and 50 hryvnias, with the total sum reaching approximately 881 billion hryvnias.
Additionally, Ukrainians hold about 15 billion coins, with the most common being 1 hryvnia coins, while 10 hryvnia coins are less frequent.
A notable development is the gradual withdrawal of 10-kopeck coins, which had less practical use in modern transactions and were increasingly costly to produce and manage.Despite this, demand for 50-kopeck coins remains steady, especially in retail and service sectors.
During recent months, demand for 1,000 hryvnia banknotes and 10 hryvnia coins has grown, indicating shifts in consumer and business practices.
Economists warn that this trend could be linked to inflationary pressures and currency fluctuations.In addition to the increase in cash holdings, the NBU revised currency transfer rules in summer: now, individuals can withdraw up to 12,500 hryvnias weekly abroad from hryvnia-based cards, and foreign transfers via bank cards are limited to 30,000 hryvnias per month.
These measures aim to strengthen financial controls and prevent abuse of financial systems, but experts believe they will not significantly impact the majority of Ukrainians living or working abroad.