In 2025, the level of counterfeiting of hryvnia banknotes decreased threefold compared to the previous year. There was only 1.7 counterfeit banknotes for every million genuine ones, which is the best indicator since the beginning of the full-scale war. For comparison, in 2024 this figure was 5.1.
This is reported by Finway
“The level of counterfeiting of hryvnia banknotes in 2025 decreased threefold compared to the previous year. There was only 1.7 counterfeit banknotes for every million genuine ones — this is the lowest figure since the beginning of the full-scale invasion.”
Hryvnia shows better results than euro
According to the National Bank of Ukraine, the counterfeiting rate of hryvnia is significantly lower than in EU countries. In 2025, there were 14 counterfeit banknotes for every million genuine euros, which is eight times higher than the Ukrainian level.
Which banknotes are most often counterfeited and the situation with foreign currency
The structure of counterfeit hryvnia banknotes remains stable. The leading denomination is the 500 hryvnia banknote — it accounts for 80% of all seized counterfeits. In second place is the 200 hryvnia banknote with a share of 13%, while other denominations (20, 50, 100, 1000 hryvnias) together make up only 7%.
The vast majority of counterfeit banknotes are of the old model from 2003–2007, particularly the 500 hryvnia banknote from 2006. Newer banknotes issued in 2014–2019 are counterfeited much less frequently and are mostly of low quality. Such counterfeits account for only 10% of the total number of seized banknotes and are designed to exploit citizens’ inattention.
The level of counterfeiting of foreign currency has also decreased — by approximately 25% compared to 2024. Among counterfeit foreign banknotes, 93% are US dollars, with the most counterfeited denominations being 100 dollars (85%) and 50 dollars (13%). Counterfeit euros make up 7%, among which the most frequently encountered denominations are 50, 100, 200, and 500 euros.
The National Bank emphasizes the importance of exchanging currency only at licensed points to avoid the risk of receiving counterfeit money.
Reasons for the decrease in hryvnia counterfeiting
NBU specialists explain the improvement in the situation by two main factors: the phased replacement of old banknote models with modern ones featuring enhanced security elements and active actions by law enforcement agencies. New banknotes have over 20 security features, including optically variable elements SPARK and a special “window” security thread, which are nearly impossible to counterfeit using artisanal methods.