The National Bank has revealed details about currency counterfeiting: which banknotes are most frequently faked.

The level of counterfeiting of the national currency banknotes saw a moderate increase in 2024 compared to the exceptionally low figures of 2022–2023, approaching the values recorded in 2021, prior to the full-scale invasion. At the same time, the situation remains controlled and does not pose a threat to the country's economy.

This was reported by the NBU's press service.

It was noted that by the end of 2024, there were approximately 5.1 counterfeit banknotes per 1 million genuine hryvnias. In contrast, this figure was higher in 2021, at about 7.1 counterfeit banknotes.

“The moderate increase in the level of counterfeiting of hryvnia banknotes in 2024 occurred due to the increased activity of criminals, which can be attributed to their adaptation to the realities of martial law and a desire to test the effectiveness of the banking and law enforcement systems in countering such cases,” explained the National Bank.

In 2024, the most frequently withdrawn banknotes from circulation were of two denominations:

• 500 UAH (78% of the total number of withdrawn counterfeits);
• 200 UAH (18%).

The other withdrawn counterfeit banknotes of denominations 1, 5, 10, 20, 50, 100, and 1000 UAH accounted for only 4%.

According to the regulator, last year (as in 2021–2023), the most counterfeited were old sample hryvnias. By the end of 2024, counterfeits of new sample hryvnia banknotes constituted only 5.5% of the total number of counterfeits withdrawn from the banking system of Ukraine.

“Accordingly, the number of counterfeit new sample hryvnia banknotes per 1 million genuine banknotes in circulation was only 0.3 last year. Mostly, these counterfeit national currency banknotes were of low quality and relied on the inattentiveness of citizens and cashiers in retail establishments,” the statement said.

The NBU explains that this is due to the fact that modern generation national currency banknotes, particularly the denominations of 100, 200, 500, and 1000 UAH, which the National Bank introduced into circulation in 2015–2020, feature an improved design and enhanced security system, matching the design and security of euro banknotes from the "Europa" series and US dollar banknotes from the "New Generation" series.

Background. Previously, Mind reported that NBU explained the need to replace banknotes of the previous generation. This concerns the replacement of old sample banknotes of 50 and 200 UAH.