Cash Circulation in Ukraine at the Start of 2026
At the beginning of 2026, the total amount of cash in circulation in Ukraine reached 926.3 billion hryvnias, marking a 12.6% increase from the previous year. According to the National Bank of Ukraine, this comprised 2.6 billion banknotes valued at 916.9 billion hryvnias, alongside 15.2 billion coins with a total value of 9.3 billion hryvnias. This data indicates a growing reliance on physical currency and active public use of cash. The continued preference for cash in Ukraine reflects a complex financial landscape where digital and physical payments coexist.
In 2025, the average Ukrainian held approximately 64 banknotes and 193 coins, a slight increase from 63 banknotes and 186 coins per person in 2024. This gradual rise further underscores the sustained role of cash in everyday transactions.
The Release and Influence of Commemorative Coins
A significant factor to consider is the planned release of over 50 million coins within the 'We Are Strong. We Are Together' series, with an issuance value of 520-540 million hryvnias. This initiative could affect the total volume of coins in circulation and their popularity among the public. Oleksii Kozirev notes:
'The state issues money, and it enters circulation. However, on the other hand, it is not ultimately presented back to the state but remains in your wallets or collections.' — Oleksii Kozirev
This suggests that a portion of the issued currency may be withheld from active circulation, which could have both positive and negative economic implications.
Drawing a comparison with other nations, Oleksii Kozirev also highlights:
'The state printed a piece of paper for $2, but instead, a tourist spent it or paid for a service in the United States.' — Oleksii Kozirev
This illustrates how commemorative coins and banknotes can become collectible items that do not re-enter active economic circulation. Therefore, the analysis of Ukraine's cash circulation at the start of 2026 reveals active public engagement, a growing cash volume, and the influence of special commemorative issues.
The growth in cash circulation may signal increasing public confidence in the economy and the stability of the national currency. Simultaneously, the issuance of commemorative coins can stimulate interest in physical money but also raises questions about their practical functionality within the monetary system. In the context of contemporary economic challenges, it remains crucial to monitor shifts in consumer habits and the impact of such new initiatives on the country's financial stability.