Cash Circulation in Ukraine During Wartime
At the UKRAINIAN CASH FORUM 2026, officials from the National Bank of Ukraine (NBU) provided an update on the state of cash circulation amid the ongoing war. According to Oleh Prokhoda, Director of the NBU’s Cash Circulation Department, nearly UAH 939 billion in cash was in circulation as of early May 2026—a 1.3% increase since the start of the year. Prokhoda noted that this year’s cash dynamics have stayed within the seasonal patterns observed in previous years, while also highlighting a clear upward trend in cashless payments. Card transactions at retail points are rising, while cash withdrawals from cards are declining. This shift has been made possible by the uninterrupted operation of modern payment services, despite the prolonged war.
Banknote Modifications and NBU Plans
Starting in March 2026, the NBU removed 1, 2, 5, and 10 hryvnia banknotes from circulation, replacing them with redesigned notes featuring a patriotic slogan. Currently, modified banknotes in denominations of 20, 50, 200, 500, and 1,000 hryvnias are in use. Later in 2026, a new redesigned 100 hryvnia banknote is scheduled for release. The updated 20 and 50 hryvnia notes are produced using a lacquering technology that enhances their durability.
According to Herman Bohatyrov, Deputy Director of the NBU’s Cash Circulation Department, the NBU’s priorities include:
- improving the quality of cash;
- standardizing operations among banks and cash-in-transit companies;
- building infrastructure for monitoring purposes.
Bohatyrov stated that the NBU aims to ensure every banknote reaching Ukrainians is high-quality, secure, and meets modern standards.
Counterfeit rates for the hryvnia dropped threefold in 2025 compared to 2024. For every 1 million genuine banknotes, approximately 1.7 counterfeits were found. By April 2026, that figure had fallen to 1.2 counterfeits per 1 million banknotes. Notably, around 80% of all forgeries involved older-style notes, particularly the 500 hryvnia denomination. For context, the euro counterfeit rate in 2025 stood at 14 fake notes per 1 million.
The event also unveiled plans to establish a centralized technical database for sorting machine settings, aimed at improving cash processing. This initiative underscores the NBU’s ongoing efforts to refine cash circulation in Ukraine, adapting it to modern challenges and needs.
According to the NBU, wartime conditions have not prevented positive trends in cash circulation, and cashless payments are gaining popularity. This reflects the financial system’s adaptation to new realities, driven in part by advances in payment technology. Enhanced banknote quality and reduced counterfeiting further demonstrate the NBU’s commitment to ensuring the stability and security of Ukraine’s monetary system.
As the National Bank of Ukraine continues to implement significant changes in cash circulation, it's essential to stay informed about the broader economic context. Recent adjustments in currency values reflect ongoing shifts in the financial landscape, impacting both consumers and businesses alike. Understanding these developments can provide valuable insights into the future of the Ukrainian economy amid the current challenges.