How Ukraine is Managing Cash in a War

Whilst the Russian invasion of Ukraine exactly one year ago may have come as a surprise to many, it certainly didn’t to the Ukrainians themselves, who as early as Autumn 2021 were taking steps to minimise risks to the cash supply chain and decentralise the storage of cash stocks in anticipation of major disruption.

Over the course of the last 12 months, the National Bank of Ukraine (NBU) has maintained the supply of cash and cash circulation to over 1,500 bank branches and more than 3,800 ATMs across the country. The Deputy Governor, Oleksii Shaban, shared their experience, providing information about the impact on cash up until last September.

Cash is managed through the central vault, four cash circulation units of the NBU located in different regions of the country, and authorised commercial banks.