NBU sees decline in demand for cash dollars with invariable demand for euro

MOSCOW. June 6 (Interfax) - Net demand for cash currency significantly decreased in Ukraine in April-May, mostly due to the subsiding interest in the dollar, Ukrainian media quoted Deputy Chairman of the National Bank of Ukraine Yury Gelety as saying at a press briefing in Kiev.

"Regarding the situation in Ukraine as a whole, we have seen a decrease in demand for cash currency in recent months. Please note that the decrease in demand was greater for dollars. Given the current situation with trade policy in the United States and an increase in unemployment, we are seeing a decrease in demand for American assets," Gelety said.

Net demand for cash dollars stood at $58 million in April, versus $10 million now, he said.

"We do not see this in euros, where net demand is EUR190 million. People continue to buy euros, but this is a small volume compared to the beginning of the year," Gelety said.

He recalled that net demand for dollars was about $900 million, and for euros EUR365 million at the beginning of the year.

"People are diversifying and investing in euros, but again, these are immaterial amounts for our market," Gelety said.

According to NBU statistics, net purchases of currency by the population increased to $280 million in May, from $188 million in April, while this is significantly less than in March ($642 million) and January (1.29 billion), as well as in May last year ($972 million).

Moreover, the population sold more non-cash currency than it bought in May 2025 for the first time since August 2023, the gap amounted to $32 million, while in January the negative balance was $189 million, in March - $77 million, and in April - $2 million.