Counterfeit Hryvnia Cases Drop Threefold Year-on-Year: Ukraine’s Central Bank Flags the Riskiest Banknotes

Sharp Decline in Fake Hryvnia Banknotes in 2025

According to Главком: In 2025, the number of counterfeit hryvnia banknotes fell by a factor of three compared to 2024, hitting the lowest level since the start of the full-scale war. For every one million genuine banknotes in circulation, only 1.7 were found to be fake. This improvement is largely attributed to a large-scale replacement of old banknotes with new ones, combined with intensified law enforcement efforts.

According to the National Bank of Ukraine’s monitoring data, in 2024 there were 5.1 counterfeit notes per one million genuine ones. In 2021, that figure stood at 7.1 per million. For context, in the European Union, the counterfeit rate for the euro in 2025 was 14 fake notes per million genuine ones-more than eight times higher than the corresponding rate for the hryvnia.

Why Counterfeiting Has Declined

The drop in fakes also stems from the regulator’s active collaboration with 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 most frequently counterfeited denomination is the 500 hryvnia note, accounting for 80% of all seized forgeries. Notes of 200 hryvnia make up 13%, while other denominations (20, 50, 100, and 1,000 hryvnia) represent just 7%.

The vast majority of counterfeits are old-series banknotes issued between 2003 and 2007, particularly the 500 hryvnia note from 2006. Fakes of modern banknotes (2014–2019 series) account for only 10% of the total, with a rate of just 0.2 counterfeit notes per one million genuine ones.

As for foreign currency, the seizure rate of counterfeit banknotes dropped by roughly one-quarter compared to 2024. The U.S. dollar dominates foreign forgeries, making up 93% of the total, while the euro accounts for 7%. Among fake dollars, the most commonly counterfeited denominations are:

• $100 - 85%
• $50 - 13%

Among counterfeit euros, the most frequently encountered banknotes are:

• €50 - 35%
• €200 - 26%
• €100 - 22%
• €500 - 15%

It is worth recalling that in August 2025, reports emerged of a rise in hryvnia counterfeiting in 2024, when the rate was 5.1 per million. Currently, the National Bank of Ukraine continues to phase out old-series banknotes, with the 50 and 200 hryvnia notes of the older design being the latest to be withdrawn from circulation.

The declining rate of counterfeit banknotes demonstrates the effectiveness of measures taken by the National Bank and law enforcement agencies to combat counterfeiting.

It is important to note that the overwhelming share of forgeries involves old-series notes, highlighting the need to modernize the currency stock. Further steps by the regulator in this direction could help maintain trust in the national currency and support the stability of Ukraine’s financial system.

As the Central Bank continues to combat counterfeiting, it is also taking significant steps to enhance the quality of banknotes in circulation. Recently, the bank has announced plans to gradually withdraw older 50 and 200 hryvnia notes, which are more susceptible to forgery. This move is expected to further reduce the prevalence of counterfeit currency and strengthen the integrity of Ukraine's monetary system.