National Bank of Ukraine reports moderate demand in USD and EUR cash-supply swaps indicating banks have sufficient foreign cash

The National Bank of Ukraine conducted transactions on 9–10 March 2026 to exchange non-cash foreign currency for cash foreign currency to replenish banks’ stocks of FX cash. Moderate take-up was presented as evidence that banks currently hold sufficient foreign cash and that the need for additional supplies is limited. On 9 March, the NBU announced USD 100 million and EUR 80 million, with five participating banks submitting total demand of USD 53.1 million (four bids) and EUR 42 million (four bids), all of which were fully satisfied. On 10 March, the NBU announced USD 100 million and EUR 35 million; one bank submitted a single bid for USD 20 million and EUR 10 million, which was fully satisfied. The operations were described as precautionary following the unlawful seizure of Oschadbank cash-in-transit vehicles in Hungary, which could temporarily disrupt deliveries of foreign cash from abroad; the NBU also noted that these cash and non-cash FX exchanges do not affect Ukraine’s international reserves. The NBU stated it remains ready to support banks in maintaining adequate levels of cash foreign currency to meet public needs, with the frequency and size of any further transactions to depend on demand from the banking system.