Euro Becoming the Preferred Safe Asset
Ukrainians are increasingly shifting their savings from dollars to euros. According to the latest banking statistics, in July 2025, Ukrainian banks imported:
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$332 million in cash dollars
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€395 million in cash euros (equivalent)
This marks a clear trend: the euro has overtaken the dollar as the primary foreign currency for savings and settlements.
Why the Shift to Euros?
Experts highlight several key reasons for this change:
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European integration: With Ukraine moving towards EU membership, confidence in the euro as a stable long-term currency is growing.
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Geographic factor: A significant part of Ukraine’s trade, remittances, and travel flows are tied to the EU rather than the US.
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Market psychology: Since April, demand for the dollar has sharply declined, while interest in the euro continues to increase.
Impact on the Currency Market
The foreign exchange cash market is currently balanced:
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The population buys and sells currency in nearly equal volumes, both in exchangers and via card accounts.
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This balance supports the hryvnia’s stability, turning the cash market from a risk factor into a stabilizing element.
According to analysts, the shift to euros reduces exchange volatility and aligns Ukraine’s monetary system more closely with the EU.
NBU Updates: New ₴20 Banknote
Alongside these currency market changes, the National Bank of Ukraine (NBU) has put into circulation modified ₴20 banknotes starting August 21, 2025.
Important details:
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Citizens do not need to exchange old ₴20 notes — both versions remain legal tender.
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The update is part of ongoing banknote modernization to improve security and durability.
Conclusion
The gradual replacement of the dollar by the euro in savings behavior reflects Ukraine’s new economic reality: closer integration with the European Union and growing trust in European financial stability. For households, this means long-term predictability of savings, while for the state, it signals a currency structure aligned with EU markets.
