In Ukraine, the demand for cash US dollars is decreasing, while interest in the euro remains at a stable level. This was stated by Yuriy Heletiy, Deputy Chairman of the National Bank of Ukraine, summarizing the trends of April and May 2025. According to him, the net demand for currency from the population has significantly decreased in recent months, which is primarily due to the decline in interest in the dollar.

Heletiy noted that the reduction in demand for cash currency is not the first time that has been observed, but now it is especially noticeable for the US dollar. Among the factors that could have influenced this change, he named the growth of unemployment and general uncertainty in US trade policy, which, in turn, has reduced the attractiveness of American assets for Ukrainian citizens.

As an example, the NBU representative provided specific data: if in April 2025 the net demand for cash dollars was \ million, then in May it decreased to only \ million. At the same time, the situation with the euro looks different - the demand for the European currency remained stable. In May, Ukrainians purchased EUR190 million, although, as Heletii emphasizes, these are smaller volumes compared to the beginning of the year.

At the beginning of 2025, Ukrainians were actively buying foreign currency: the net demand for the dollar then amounted to about million, and for the euro - EUR365 million. Despite the growing interest in the euro, Heletii notes that the total volume of purchases currently does not have a significant impact on the financial market of Ukraine: “People are diversifying their savings by buying euros, but the amounts remain intangible for the market.”

According to official NBU statistics, in May of this year, net purchases of currency by the population amounted to million — more than in April ( million), but significantly less than in March ( million), January (\.29 billion) or May of last year ( million). In addition, for the first time since August 2023, Ukrainians sold more non-cash currency than they bought — by \ million. This is in sharp contrast to previous months, when the balance was negative: million in January, \ million in March, \ million in April.

Against this background, the potential change in the exchange rate-forming currency in Ukraine is being increasingly discussed. As explained by Serhiy Nikolaychuk, Deputy Chairman of the NBU Board, currently the main currency for accounting for macroeconomic indicators is the US dollar. However, if Ukraine becomes a member of the European Union, the NBU will be obliged to switch to the euro. “The future of Ukraine is in the EU. After accession, the main indicators of the external sector will be recorded in euros,” Nikolaychuk emphasized.

Thus, the reduction in demand for the dollar and the gradual increase in interest in the euro may not only reflect the market situation, but also signal future structural changes in the Ukrainian economy.