On 9-10 March 2026, the National Bank of Ukraine conducted transactions to exchange non-cash foreign currency for cash foreign currency in order to replenish FX cash holdings of the banks.
These transactions were intended to support banks’ access to cash foreign currency if needed. The decision to conduct them was taken as a precautionary measure in light of potential temporary logistical disruptions to the delivery of foreign cash from abroad following the unlawful seizure of Oschadbank cash-in-transit vehicles in Hungary.
The results of the operations are as follows.
9 March 2026:
- announced volume – USD 100 million and EUR 80 million
- participants – five banks
- total demand – four bids for USD 53.1 million and four bids for EUR 42 million
- all bids were fully satisfied
10 March 2026:
- announced volume – USD 100 million and EUR 35 million
- participants – one bank
- total demand – one bid for USD 20 million and one bid for EUR 10 million
- the bids were fully satisfied.
The moderate demand indicates that banks currently hold sufficient foreign cash and that the need for additional supplies is limited.
The NBU remains ready to support banks in maintaining adequate levels of cash foreign currency to meet the needs of the public. The frequency and size of such transactions will depend on demand from the banking system.
These exchanges of cash and non-cash foreign currency between the NBU and Ukrainian banks do not affect the level of Ukraine’s international reserves.