Key takeaways
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Imports vs. exports: Ukrainian banks flew in $702 m in notes during June 2025 (down 9.8 % MoM) and flew $322 m back out.
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Dollar flows: Only $377 m in cash USD arrived—17 % less than May—while $310 m left the country, leaving the net import of greenbacks close to zero.
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Euro appetite grows: Cash‑euro imports edged up 2 % to $323 m, and households bought nearly twice as many euros ($577 m) as they sold ($301 m).
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Retail behaviour: Net retail demand for dollars shrank to $44 m vs. a hefty $276 m equivalent for euros, reflecting talk of dollar‑confidence erosion and a rising EUR/UAH rate.
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Regulator’s view: The National Bank of Ukraine stresses that the dollar’s global dominance remains intact despite the current household pivot to euros.
Why it matters
The near‑perfect match between imported and exported cash dollars signals a rare equilibrium in Ukraine’s retail FX market: banks no longer need to import large dollar surpluses to meet customer demand. Instead, rising euro interest—driven by exchange‑rate dynamics and sentiment—has reshaped cash‑currency flows without jeopardising overall FX stability.
