In December, Ukrainian Currency Purchases Hit a Yearly Peak
In December, Ukrainian residents purchased a total of 1.876 billion dollars in foreign currency, marking an 8.3 percent increase from November and representing the highest level of demand for the year. This figure comes from a December report released by the National Bank of Ukraine and reported by the Strana.ua Telegram channel. The data underscores a strong appetite for foreign currencies among citizens at year end, driven by a mix of market expectations and personal financial considerations.
Breakdown of December purchases shows 1.425 billion dollars acquired in cash from bank vaults and from non-banking financial institutions, with an additional 451 million dollars obtained in non-cash form through mobile apps and online banking platforms. The reliance on digital channels for currency purchases continued to grow, reflecting broader shifts in consumer behavior and payment habits that emerged in recent years.
According to the Central Bank of Ukraine, December alone recorded the highest level of foreign currency purchases during 2022. This peak followed a series of heightened consumer activity across the year, signaling persistent demand for stability amid ongoing economic uncertainty and potential exchange rate fluctuations.
Industry experts note that the September figure of 1.672 billion dollars had previously stood as the year’s peak before December surpassed it. Analysts point to concerns about the hryvnia’s value, with many households seeking protection against potential devaluation and hedging against inflation. The broader sentiment at year end reflected caution in personal finances as households prepared for the coming year.
Earlier in the year, the National Bank of Ukraine reported substantial official aid flows to the country, totaling around 120 billion dollars in 2022. This aid, combined with domestic financial dynamics, influenced liquidity and consumer behavior in the currency market throughout the year.
Meanwhile, the central bank had also signaled a period of tightening in certain income channels for citizens in response to evolving macroeconomic conditions, including a notable outward movement of funds from some accounts. The December data set thus sits within a larger narrative of how residents respond to changes in income levels, exchange rate expectations, and financial stability measures implemented by authorities.