Counterfeit Currency Declines in Ukraine, Reports National Bank

What Happened

The National Bank of Ukraine released data indicating a significant decline in counterfeiting rates for the national currency in 2025. The report shows that the counterfeit hryvnias ratio fell to about 1.7 per one million genuine banknotes, a marked improvement from the previous year's rate of 5.1 per million.

Key Details

This represents the lowest counterfeit rate since the start of Russia's full-scale invasion of Ukraine. In a broader context, this performance stands in contrast to the rate of counterfeit euro banknotes in the European Union, which, according to the European Central Bank, is over eight times higher, with 14 counterfeits per million euro banknotes.

The report indicates that most forged hryvnias seized consisted of high denominations, particularly the 500 hryvnia banknotes, which accounted for 80% of the total counterfeit cases. The 200 hryvnia notes followed, making up 13% of the fakes.

Older series banknotes, issued between 2003 and 2007, remain the most commonly counterfeited, especially the 500 hryvnia note from 2006. In contrast, modern banknotes from the 2014-2019 series represented just 10% of the total counterfeit banknotes removed from circulation in 2025.

Similarly, counterfeiting of foreign currency also saw a reduction of approximately 25% in 2025 compared to 2024. The majority of the counterfeit foreign banknotes seized were U.S.

dollars, comprising 93% of all counterfeit foreign currency removed from circulation.

Why It Matters

The decline in counterfeit currency suggests improved measures in security and monitoring by the National Bank of Ukraine. A lower rate of counterfeiting can contribute positively to public confidence in the currency and enhance economic stability.

Background

Historically, the rates of counterfeit currency in Ukraine fluctuated, with significant attention from the National Bank to combat this issue. The NBU's ongoing monitoring and interventions aim to maintain the integrity of the national currency.

The head of the NBU, Andriy Pyshnyy, mentioned that there are currently 2.6 billion hryvnia banknotes in circulation, valued at 913.5 billion hryvnias, alongside a significant number of coins.