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Have Ukrainians started to get rid of cash? Why did the amount of paper money grow sharply in banks?

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Why the number of cash transactions at bank tellers has grown significantly – an expert’s answer

Why Ukrainians Get Rid of Paper Money / Photo: Collage: Today

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In the first nine months of 2021, the circulation of cash in the cash desks of banks increased significantly and Ukrainians took 19.8% more paper money to financial institutions.

Perhaps the Ukrainians changed their attitude towards non-cash accounts or something else influenced it – “Today” we were dealing with an expert.

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According to financial analyst and economist Alexei Kushch, there are several reasons for such changes.

First, there was a sharp increase in the amount of cash in the country, due to the crisis, during which people took money from bank accounts.

“Now the situation is stabilizing and some of this money is returned back to the banking system,” the expert says.

According to the expert, the economy and business are a little more active at the moment and this also entailed the return of cash to banks.

The expert believes that another reason is the surge in the real estate market, which has caused an increase in the number of transactions with bank accounts, since it is impossible to pay for such purchases in cash.

According to Alexei Kushch, the attitude of Ukrainians to cash has not changed… The expert also recommended not to keep the entire amount of savings in paper money, but leave a certain reserve.

“I would recommend keeping a three-month supply for the family in cash, and placing the rest in financial institutions. The trend for an increase or decrease in cash transactions in Ukraine is characterized mainly by surges in the number of purchases that cannot be done otherwise.”

How to store savings

“Today” was previously told that all money does not need to be kept in one place, and even more so at home, because it simply loses its value.

The best thing is to diversify income and invest in different institutions and securities in equal parts, how to do this correctly is in our material.

We also wrote how to choose the right bank for your deposit in order to protect your money from any crisis.


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