In Ukraine, the number of counterfeits has increased: 78% of the fakes are 500-hryvnia banknotes

In Ukraine, the number of counterfeits has increased: 78% of the fakes are 500-hryvnia banknotes

The number of counterfeit hryvnia banknotes in Ukraine has increased: there are 5.1 counterfeit bills per 1 million genuine ones. Although the statistics worsened in 2024 (the number of counterfeits increased), the number of counterfeit bills remains low. Most often, counterfeit banknotes with a denomination of 500 UAH are detected (78% of the total number of counterfeits withdrawn).

This is stated in an announcement by the NBU. "The level of counterfeiting of national currency banknotes somewhat increased at the end of 2024 compared to the extremely low figures of 2022–2023 and approached the levels of 2021, which preceded the full-scale invasion. Meanwhile, the situation remains controlled and does not pose a threat to the country’s economy," the NBU noted.

Thus, at the end of 2024, there were about 5.1 counterfeit hryvnia banknotes per 1 million genuine banknotes. In 2021, this figure was higher at about 7.1 counterfeit banknotes. For comparison, according to the European Central Bank, the equivalent figure in European Union countries in 2023 was over three times higher, at approximately 16 counterfeit euro banknotes (in 2021, it was almost twice as high as in Ukraine, at 12 counterfeit euro banknotes. Data for 2024 have not yet been released by the ECB).

In 2024, the most frequently withdrawn denominations were:

• 500 UAH (78% of the total number of counterfeits withdrawn);
• 200 UAH (18%).
• Other withdrawn counterfeit banknotes with denominations of 1, 5, 10, 20, 50, 100, and 1000 UAH accounted for only 4%.

Last year (as in 2021–2023), the most counterfeited were old sample hryvnia banknotes. By the end of 2024, counterfeit new sample banknotes accounted for only 5.5% of the total number of counterfeits withdrawn from the Ukrainian banking system. Accordingly, the number of counterfeit new sample banknotes in circulation per one million genuine banknotes was only 0.3 pcs. Mostly, these counterfeit banknotes were of low quality and were aimed at the inattentiveness of citizens and cashiers in trading institutions.

This is due to the fact that the new generation banknotes, particularly denominations of 100, 200, 500, and 1,000 hryvnias, which were introduced into circulation by the National Bank between 2015–2020, have improved design and enhanced security systems and are not inferior in design and security to the euro banknotes of the "Europa" series and the US dollar banknotes of the "New Generation" series.

The extremely low level of withdrawal of counterfeit foreign banknotes observed in 2022–2023 almost returned to the 2021 level by the end of 2024. Among the counterfeit foreign banknotes withdrawn from circulation in 2024, the majority were US dollars—93% of the total number of all withdrawn counterfeit foreign currency. Euro banknotes accounted for only 7% of the withdrawn counterfeit foreign banknotes.

The most frequently forged foreign banknotes were of the following denominations:

• 100 and 50 US dollars (90% and 9% of the total number of withdrawn counterfeit US dollars);
• 200, 100, and 50 euros (35%, 25%, and 21% of the total number of withdrawn counterfeit euros, respectively).

To avoid cases of receiving counterfeit foreign currency, the National Bank advises never to conduct currency exchange operations "by hand," over the internet, etc. For this, one should only contact currency exchange points licensed by the National Bank, whether bank or non-bank financial institutions.

All withdrawn counterfeit foreign currency notes are guaranteed to be sorted as suspicious by properly configured counters and sorters (including with ultraviolet, infrared, and magnetic protection control functions). Thus, counterfeits do not pose a threat to banks and financial institutions, and are primarily aimed at the inattentiveness and lack of knowledge of citizens.

What to do if there are doubts about the authenticity of banknotes?

In case of doubts about the authenticity and paymentability of hryvnia and foreign currency banknotes, citizens can contact banks, which pass these banknotes for examination to the National Bank.

As a result of such examinations, which are conducted free of charge, clients are reimbursed the corresponding sum of national currency banknotes recognized as genuine and paymentable. Foreign currency banknotes recognized as genuine, regardless of the degree of wear or damage, are returned to the initiator of the examination.

Counterfeit banknotes are confiscated without reimbursement of their value. The National Bank notifies law enforcement agencies of their confiscation, and all counterfeit banknotes are transferred to their authorized employees in the prescribed manner for investigation.