Ukrainians have stopped following the recent trend of buying euros despite ongoing uncertainty over US tariffs, according to the National Bank of Ukraine (NBU).
Demand for cash euros remained at €0.6 billion – almost unchanged from the previous quarter – the NBU estimated. In Q3 2024, euro demand amounted to €0.7 billion, according to the NBU’s October 2025 inflation report.
Net demand for dollars rebounded slightly to $0.4 billion in the third quarter of 2025, up from $0.1 billion in Q2, but remains far below the Q3 2024 figure of $2 billion.
The average hryvnia-dollar exchange rate remained broadly stable in Q3, fluctuating in both directions in line with market trends.
Central bank interventions increased only moderately. Net currency sales fell by $0.3 billion to $8.4 billion in Q3. Meanwhile, external financial aid from international partners reached $10.2 billion – exceeding the scale of NBU interventions.
As a result, the NBU’s gross reserves rose by $1.6 billion to $46.6 billion by the end of September. Another positive sign is that the foreign exchange market is becoming more balanced, reflecting the NBU’s and International Monetary Fund’s (IMF) goal of reducing dependence on large-scale interventions.
The share of transactions conducted without the regulator’s participation reached 58% -- double the level recorded when the NBU first introduced its managed exchange-rate flexibility regime, under which the FX rate is maintained within a corridor deemed appropriate for the economy.
When the regime was introduced in October 2023, only 29% of transactions took place without NBU involvement.
“Such dynamics indicate a gradual increase in the foreign exchange market’s ability to self-balance,” the NBU wrote in its report.
This may also signal that the NBU is moving closer to meeting the IMF’s requirements outlined in the eighth memorandum of the Extended Fund Facility program. The IMF had warned the NBU to reduce its “over-reliance on FXI to achieve near-term price stability.”
Earlier in June, Ukrainians had reduced their demand for US dollars. NBU Deputy Governor Yuriy Heletiy told Kyiv Post that Ukrainians are diversifying their savings and investing more in euros amid declining demand for the dollar.
“Over the last few months, we have observed a decrease in demand for сash foreign currency. I would note that the decrease was more pronounced for the dollar. In April, a demand for cash dollars in Ukraine was estimated at $58 million, it decreased to $10 million. This is a significant decline,” Heletiy told Kyiv Post during a briefing with journalists.
That said, euro purchases remain modest, Heletiy added.
“Let’s compare it with the beginning of this year – net demand for dollars stood at approximately $900 million, net demand for euros at €365 million,” Heletiy said.