Hungary’s theft of Oschadbank’s money: how will this affect the exchange rate?
9 March 09:25
The National Bank believes that the Ukrainian market will not be affected by the Hungarian authorities’ seizure of a shipment of cash in dollars and euros that Oschadbank collectors were transporting to Ukraine.
The NBU announced this in response to a request from EP, according to "Komersant Ukrainian".
“The currency market will not be affected by Hungary’s actions. Cash currency reserves in bank vaults currently exceed the average monthly net demand for cash currency in 2025-2026 by several times,” the regulator said.
They added that, if necessary, the NBU is ready to conduct operations to replenish bank cash desks with foreign currency.
In addition, the NBU noted that it had communicated with all banks involved in importing currency into Ukraine and recommended that they work out alternative logistics routes that exclude travel through territories where there is a risk of such shipments being blocked.
“The main banks that import foreign currency cash into Ukraine are ready to quickly adjust their logistics routes to bypass Hungary if necessary,” the NBU said.
EP tried to find out how much cash banks bring in through Hungary and Slovakia, which also threatened to block the supply of critical goods to Ukraine. However, the National Bank replied that this information is restricted.
It should be noted that, according to the NBU, in January 2026, Ukrainian banks imported foreign cash currency into Ukraine in an amount equivalent to $808.23 million. (in particular, $515.5 million, €280.85 million, $11.29 million in bank metals, and $596,000 in other currencies). For comparison, in January 2025, banks imported $1.77 billion in cash currency.
During October-December 2025, cash currency imports exceeded the equivalent of $1 billion ($1.27 billion in October, $1.03 billion in November, and $1.38 billion in December).
Before the start of the war, banking institutions imported foreign currency cash into Ukraine by air. Such operations are standard not only for Ukrainian banks but also in global practice, and involve one bank ordering cash from another bank in the country that issues that currency.
Recall that on the night of March 5-6, Foreign Minister Andriy Sibiga said that in Budapest, the Hungarian authorities had taken seven Ukrainian citizens, employees of Oschadbank, hostage and stolen money and valuables.
A total of two Oschadbank cash collection vehicles were transporting $40 million, €35 million, and 9 kg of gold.
On the evening of March 6, it became known that Hungary had handed over the seven detained cash collectors to Ukraine at the border. At the same time, the detained cargo remains blocked in Hungary.
