The fifth year of full-scale war has become a stress test for the Ukrainian financial system, yet cash circulation in the country demonstrates remarkable stability. The National Bank of Ukraine (NBU) has published data confirming that citizens' access to payment services remains uninterrupted, while the quality of the national currency is steadily improving.

A key fact is the reduction of counterfeiting to levels that significantly exceed European standards. At the same time, there is a clear shift in population behavior: Ukrainians are increasingly choosing cashless transactions, reducing the use of physical cash.

Record cleanliness of cash circulation

One of the regulator's main priorities remains ensuring the high quality of banknotes and coins. Oleg Prokhoda, Director of the NBU's Cash Circulation Department, noted that as of early May 2026, almost 939 billion hryvnias were in circulation. Since the beginning of the year, this figure has increased by 1.3%, which corresponds to seasonal fluctuations of previous years.

The statistics on forgeries deserve special attention. The level of counterfeiting continues to decline, demonstrating the effectiveness of the work of law enforcement agencies and the National Bank itself:

  • In 2025, there were about 1.7 counterfeit notes for every one million genuine ones.
  • By the end of April 2026, this figure improved to 1.2 counterfeits per million originals.

For comparison: in EU countries in 2025, the level of counterfeits was about 14 per million genuine euros. About 80% of the counterfeit money seized in Ukraine are banknotes of the old design, predominantly with a denomination of 500 hryvnias.

Monetization of small denominations and new technologies

An important stage in optimizing cash circulation was the complete replacement of small denomination banknotes. Since March 2026, banknotes of 1, 2, 5, and 10 hryvnias have ceased to be a means of payment, giving way to coins. This decision was dictated by economic expediency: coins have high durability and can remain in circulation for more than 20 years, which significantly reduces production and replacement costs.

The National Bank is also continuing to modernize the design and quality of large banknotes. Modified banknotes with the patriotic slogan 'GLORY TO UKRAINE! GLORY TO THE HEROES!' are being introduced into circulation. Currently, banknotes with denominations of 20, 50, 200, 500, and 1000 hryvnias have been updated. By the end of the year, the 100-hryvnia banknote is expected to join them.

To increase the durability of 20 and 50 hryvnia banknotes, a varnishing technology is used, which makes them more resistant to dirt and wear under conditions of active use.

Digitalization and European integration

Despite the stability of the cash market, the trend towards digitalization is obvious. 'The share of card transactions in the retail network is growing, while cash withdrawals from cards are decreasing,' noted Oleg Prokhoda. The stable operation of payment infrastructure even during wartime stimulates citizens to switch to cashless payments.

In the field of combating counterfeiting, the NBU actively cooperates with the European Central Bank. Herman Bohatyrev, Deputy Director of the Cash Circulation Department, announced the creation of a centralized technical database of settings for sorting equipment for banks and cashiers. This will allow for the unification of approaches to banknote verification, increase process transparency, and guarantee that every banknote reaching Ukrainians will be of high quality and safe.