March 2026 dramatically changed the behavior of the cash foreign exchange market, in which Ukrainians’ interest in the dollar and euro accelerated markedly and reached a level that no longer resembles the usual monthly fluctuations. The average daily demand of Ukrainians for cash foreign currency increased by 78% compared to the previous month and reached $44 million per day, which was the highest figure in the last 14 months.
Such dynamics show that for many people the currency continues to be a way to quickly lock up savings at a time when expectations about the exchange rate are becoming increasingly alarming.
The sharp jump in demand coincided with a background in which devaluation expectations intensified, and instability in global energy markets added nervousness to an already sensitive financial environment. In the domestic market, this is felt very simply: as soon as the dollar becomes more expensive and the feeling of uncertainty grows, part of the population tries to transfer free funds into hard currency in order to protect them from further exchange rate fluctuations. Due to this reaction, the pressure on the cash segment intensifies even faster, because the market begins to work not only on numbers, but also on sentiment.
The March jump did not arise out of nowhere, since the first two months of the year also showed noticeable activity. In January and February, the volume of net purchases of cash currency reached $337.45 million, so the spring acceleration only exacerbated the trend that had already gained momentum at the start of the year. In such a situation, March became the month when the previous demand grew into a much more aggressive phase, and the market itself demonstrated how quickly the population reacts to signals of instability.
Separately, this situation is exacerbated by the geography of currency transactions, where the largest share traditionally fell on the capital. Kyiv accounted for 26.7% of the total volume of cash currency purchases, or more than a quarter of all transactions. Lviv region followed with 8.2%, Kyiv region with 7.7%, Odesa region with 7.3%, and Dnipropetrovsk region with 6.2%. As a result, more than half of all such transactions were concentrated in several of the most economically active regions, where the volume of money in circulation, business activity, and the speed of the population’s reaction to currency risks are traditionally higher than in the smaller and calmer local market.
These figures show not only the fact of growing interest in cash currency, but also the pace at which Ukrainians change their financial behavior as soon as they feel increased exchange rate tension. The figure of $44 million per day is a clear signal of a change in market sentiment. In March, Ukrainians were much more active in buying currency, trying to protect their savings, and it was this reaction that made the 78 percent increase one of the most noticeable financial figures of the month.
