How Secure Is Ukraine’s Currency Today?
Ukraine’s national currency, the hryvnia, is fully produced at the National Bank of Ukraine’s (NBU) Banknote and Minting Facility. Its security features now rival those of the euro and the US dollar. According to last year’s data, only 1.7 counterfeit hryvnia notes were found for every 1 million genuine ones—the lowest rate since the start of Russia’s full-scale invasion of Ukraine. For context, the euro area reported 14 counterfeit notes per 1 million in 2025.
Each hryvnia banknote incorporates around 20 security features, from specialized paper properties to advanced printing techniques. Up to 10 protective elements are embedded in the paper itself during production. NBU Governor Andriy Pyshnyy explained:
“On average, each hryvnia note contains about 20 security features—ranging from specialized paper characteristics to innovative printing solutions. Most of these cannot be reproduced by standard printing, which significantly boosts security.”
Production Stages and Counterfeit Trends
The majority of counterfeit hryvnia notes are older designs issued before 2014–2015. Volodymyr Bahlay, Director General of the NBU’s Banknote and Minting Facility, noted that newer notes feature upgraded security and a refreshed design, including specialized banknote paper and complex elements that make forgery much harder.
Ukraine is one of about 60 countries worldwide that produce their own currency. The banknote manufacturing process involves several stages:
- Producing banknote paper
- Design development
- Printing
- Minting
- Sorting
- Packaging
- Destruction
These steps ensure not only quality but also the reliability of the hryvnia—an essential factor in today’s economic climate.
The drop in counterfeiting to a record low demonstrates the effectiveness of the NBU’s efforts to enhance the currency’s security. This progress helps build public trust in the hryvnia and supports economic stability amid ongoing financial challenges. The updated design and new protective features reflect Ukraine’s commitment to meeting global standards in banknote production, marking an important step toward modernizing its financial system.
As the NBU continues to enhance the security of the hryvnia, it is also taking steps to phase out older banknotes that are more susceptible to counterfeiting. This move is part of a broader strategy to strengthen the integrity of Ukraine's currency. For more details on which banknotes are being withdrawn and what to do with them, read about the discontinuation of older 50 and 200 hryvnia notes.