Ms Vira Rychakivska, Deputy Governor of the National Bank of Ukraine, has said that in 2013 there were about 3.5 counterfeits per 1 million genuine banknotes (in 2012 – 4.1 counterfeits, in 2011 – 3.4 counterfeits).

“Ukrainian hryvnia has a high level of protection against counterfeiting. Banknote production technology allows the National Bank of Ukraine to manufacture banknotes that meet the highest international standards. Moreover, the National Bank of Ukraine keeps an eye on present-day trends and studies international practices related to the development of security features incorporated into the banknotes. The new technologies and securities features are tested on a continuous basis,” said Ms Vira Rychakivska.

For reference: According to the data posted on the official website of the European Central Bank, in 2013, there were around 43 counterfeits per 1 million genuine euro banknotes in EU countries (in 2012 – 35 counterfeit euro banknotes, in 2011 – 46 counterfeit euro banknotes). 

According to the data released by the Central Bank of the Russian Federation, in 2013, there were around 9 counterfeits per 1 million genuine Russian rouble banknotes (in 2012– 13.6 counterfeits, in 2011 – 15 counterfeits).

“The number of fake hryvnia banknotes is very small. The evidence shows that almost all the counterfeit hryvnia banknotes withdrawn from circulation are of poor quality as they have been produced using computer and printing equipment. Counterfeits can be easily distinguished from genuine banknotes by using the simple "feel-look-tilt" method,” said Ms Vira Rychakivska, adding that one should know the security features of hryvnia, in particular, watermarks, security threads, relief elements  that are felt by touch of fingertips, latent images, etc.

As in the previous years, the prevailing share of the fake hryvnia banknotes withdrawn from circulation were 200, 100, 50 and 20 hryvnia notes.

Ms Vira Rychakivska has explained that should citizens have doubts about the authenticity of banknotes they must turn to any bank for further examination of suspected counterfeits to be carried out by the regional branches of the National Bank of Ukraine. By the results of this examination, which is available free of charge, clients will be reimbursed the corresponding value of hryvnia banknotes that have been recognized as genuine. Counterfeit banknotes are withdrawn from circulation and they are not eligible for reimbursement.

All the counterfeit money withdrawn from circulation is transferred to the authorized employees of the Ministry of Internal Affairs of Ukraine for further investigation.

Detailed description of all the hryvnia banknotes in circulation and their security features is available by the link.