Ukraine battles surge in counterfeit money as war fuels fake hryvnia crisis
Counterfeit money has become a growing problem in Ukraine since the start of Russia’s full-scale invasion. The National Bank of Ukraine reports that fake banknotes have doubled in circulation, with 5.1 counterfeit bills found per million genuine ones. Businesses handling large amounts of cash remain the most common targets for criminals.
Older versions of Ukraine’s hryvnia banknotes are the most frequently forged. The 500, 200, and 100 hryvnia bills from outdated series lack modern security features, making them easier to replicate. In contrast, newer banknotes include over 20 protective elements, allowing even visual checks without special tools.
Foreign currency is also a target, particularly US dollars. The 100- and 50-dollar bills are the most commonly counterfeited in Ukraine.
The surge in fake money has been linked to high-cash-turnover areas. Supermarkets, ATMs, and public transport are the main locations where counterfeit notes are detected. Despite the increase, no specific group or individual has been publicly identified as responsible for the rise in fake hryvnia during the war.
The National Bank of Ukraine has urged citizens to report suspicious banknotes to their banks immediately.
The number of counterfeit hryvnia notes has risen sharply since the war began. While newer banknotes offer stronger protection, older designs remain at risk. Authorities continue to monitor the situation and encourage vigilance among businesses and the public.
