Ukrainians sharply increased their purchases of cash foreign currency in September, pushing net demand to 739.9 million dollars, financial analyst Andriy Shevchyshyn reported.
The figure represents a 65.1 percent jump compared to August, driven by growing interest in both the US dollar and the euro across the country.
US dollars accounted for the largest share of buying, with net demand reaching 405.3 million dollars. That marked a 27.7 percent increase over August figures and set a new six-month high for dollar purchases. Shevchyshyn noted that the dollar was gaining momentum, pointing out that the 405 million dollar figure was the highest monthly total recorded since March.
Surge in euro buying
Demand for euros grew even more dramatically during the month. Ukrainians bought 331.5 million dollars more in euro currency than they sold, representing a two-and-a-half-fold increase compared to August figures.
The sharp rise ended a summer decline in euro demand. In August, euro purchases had fallen to their lowest level since November 2023, before rebounding in September to near the levels seen in June.
Shevchyshyn cited the depreciation of the euro against the US dollar as a key factor behind the buying spike. Over the course of September, the euro exchange rate declined from approximately 1.16 dollars to 1.13 dollars per euro, prompting Ukrainian buyers to acquire additional euros while prices were lower.
Overall cash currency transactions in September were heavily weighted toward the American currency. The US dollar made up 68.7 percent of all retail foreign exchange deals, while the euro accounted for 27.6 percent and other currencies comprised the remaining 3.7 percent.
Inflation and seasonal factors
The analyst attributed the renewed appetite for US dollars to seasonal factors alongside broader economic anxieties. Autumn traditionally marks the start of a domestic savings period in Ukraine, but Shevchyshyn explained that current demand was also fueled by inflation concerns and fears that the national currency, the hryvnia, could weaken.
In Ukraine, holding cash foreign currency is a long-standing financial habit used by households to safeguard savings against inflation and domestic currency volatility. The hryvnia, introduced as the national currency in 1996, frequently experiences seasonal fluctuations in autumn as demand for foreign exchange typically rises across the financial system.
The September surge follows a broader pattern of elevated foreign exchange buying in Ukraine. Shevchyshyn reported that Ukrainians purchased a total of 23.94 billion dollars in cash foreign currency throughout 2025, setting an all-time annual record. In the first half of 2026, demand for cash euros temporarily surpassed purchases of US dollars, with euro demand continuing to rise in Ukraine even as the European currency weakened against the dollar on global markets in June.
