The Importance of Cash in War

War is brutal and yet here we are with war in Europe. Unbelievable. Yet again though, it underlines the need for cash. The run up to the war saw cyber-attacks on the Ukrainian ATM network and now the invasion has started the internet is not guaranteed, let alone power. Once again, cash is king.

One reason for the rush to cash is said to be the fear that cyber-attacks will target the banking system. At ATMs there are reports of 1,000 hryvnia ($33) cash withdrawal limits per transaction.

But even cash faces challenges. No wonder the National Bank of Ukraine (NBU) has appealed to people to continue to use electronic payments because maintaining the cash cycle is hard, describing it as their patriotic duty.