Counterfeit Ukrainian Hryvnia Levels in 2025
In 2025, the rate of counterfeit Ukrainian hryvnia dropped to its lowest point since the full-scale Russian invasion began. Official figures show that for every one million genuine hryvnia banknotes in circulation, only 1.7 were found to be fake. This compares favorably to European nations, where counterfeit notes appear at a rate of 14 per million genuine bills.
The vast majority of seized forgeries—80 percent—involve 500 hryvnia notes. Criminals most often copy older designs from 2003–2007, particularly the 500 hryvnia note issued in 2006. Counterfeit 200 hryvnia notes account for 13 percent of all detected fakes. Other denominations, including 20, 50, 100, and 1,000 hryvnia, together make up just 7 percent of forgeries. Modern banknotes from the 2014–2019 series, which feature advanced security elements, attract little interest from counterfeiters—they represent only 10 percent of all fakes, with just 0.2 counterfeit notes found per one million genuine new-series bills.
Foreign Currency Counterfeiting Trends
Counterfeiting of foreign currencies in 2025 shows a notable decline in criminal activity compared to 2024. The seizure rate for fake foreign banknotes fell by a quarter. The U.S. dollar remains the overwhelming target in this category, accounting for 93 percent of all seized counterfeit foreign currency. Among dollar forgeries, the $100 note is the most commonly counterfeited, making up 85 percent of cases, while fake $50 bills appear in 13 percent of instances.
As for European currency, counterfeiters show a preference for the following euro denominations:
- 50 euro (35%)
- 200 euro (26%)
- 100 euro (22%)
- 500 euro (15%)
Recent years show fluctuating euro counterfeiting rates: after hitting a peak in 2020 with 17 counterfeit notes per million, the figure stabilized in 2025 at 14 fakes per million genuine banknotes.
The decline in hryvnia counterfeiting in Ukraine points to effective measures taken by law enforcement and financial institutions to combat counterfeiters.
It is important to note that the reduction in forgeries not only preserves confidence in the national currency but also supports the country's economic stability during wartime. These observed trends may reflect growing public awareness of the dangers of counterfeit banknotes and the importance of verifying their authenticity.
The recent decline in counterfeit Ukrainian hryvnia highlights significant advancements in the currency’s security features. In comparison, foreign currencies continue to face challenges, with the U.S. dollar being the primary target for counterfeiters. For a deeper understanding of how the Ukrainian hryvnia's security measures stack up against the euro and the implications for both currencies, explore more in our detailed analysis of the security comparison between the hryvnia and euro.