How Counterfeit Hryvnia Levels Fell in Ukraine During 2025
Ukraine's hryvnia counterfeiting rate hit a record low of 1.7 forged notes per million genuine banknotes in 2025—the lowest since Russia's full-scale invasion began. According to the National Bank of Ukraine, this marks a threefold decline year-on-year. In 2024, authorities detected roughly 5.1 fakes per million hryvnia notes.
Throughout 2025, criminals focused on just two denominations:
- The 500-hryvnia note, which accounted for 80% of all confiscated counterfeits;
- The 200-hryvnia note, making up 13%.
Other denominations—20, 50, 100, and 1,000 hryvnia—together represented only 7% of total fake banknotes.
Types of Counterfeit Banknotes
Most forgeries targeted older-series notes issued between 2003 and 2007. The 500-hryvnia note from 2006 was especially popular among fraudsters. Modern hryvnia bills, released from 2014 to 2019, accounted for just 10% of all counterfeits. For every million genuine new-style notes, only 0.2 were fake.
Regulators report that foreign currency counterfeiting in Ukraine dropped by about a quarter compared to 2024. Among fake foreign notes, 93% were U.S. dollars, while euros made up 7%.
For dollars, the most commonly forged denominations were:
- $100 (85%);
- $50 (13%).
For euros, the most frequently counterfeited denominations were:
- €50 (35%);
- €200 (26%);
- €100 (22%);
- €500 (15%).
This decline in counterfeiting is driven by the replacement of old banknotes with modern ones featuring enhanced security, alongside active law enforcement efforts. High-denomination notes (100, 200, 500, and 1,000 hryvnia) now incorporate optically variable elements such as a windowed security thread and a SPARK element that shifts color and creates a motion effect. In terms of security, current hryvnia notes are on par with the Europa series euro and the New Generation series U.S. dollar.
'The National Bank of Ukraine advises against conducting currency exchange transactions informally or online; instead, exchange currency only at licensed outlets.'
National Bank of Ukraine
If you have doubts, contact a bank for a free expert examination. Key partners in this effort include the Bureau of Economic Security, the National Police's Department of Strategic Investigations, and expert agencies under the Ministry of Internal Affairs and the Ministry of Justice.
The drop in hryvnia counterfeiting underscores the effectiveness of measures taken by the National Bank of Ukraine and law enforcement, including banknote modernization and tighter currency circulation controls. This trend could bolster public confidence in the national currency and strengthen the country's overall financial system. The simultaneous reduction in foreign currency counterfeiting also points to broader improvements in Ukraine's economic and financial security landscape.
As the counterfeit hryvnia rates continue to decline, it's essential to stay informed about the broader economic context. For instance, the National Bank of Ukraine recently updated the official exchange rates, setting the dollar at 43.88 and the euro at 50.61 hryvnias. Understanding these fluctuations can provide valuable insights into the overall financial landscape. To learn more about the current exchange rates, visit the latest updates on currency rates.