The National Bank of Ukraine (NBU) confirms a relatively low level of hryvnia banknote counterfeiting based on the results of monitoring the withdrawal of counterfeit banknotes from circulation in 2018.
“The current situation with the withdrawal of counterfeit domestic and foreign currencies from circulation is under control and is not critical. The hryvnia banknote’s security features match the level of those of the world’s most popular currencies. Last year, we could even observe a decline in the number and amount of counterfeit hryvnia banknotes by 30% and 41%, respectively, compared with 2017,” said Victor Zaivenko, Director of the Cash Circulation Department.
In 2018, the number of counterfeit banknotes withdrawn from circulation in the banking system of Ukraine accounted for 0.00025% of the total number of banknotes in cash circulation (down from 0.00036% in 2017).
This means there were approximately 2.5 counterfeit banknotes per one million authentic hryvnia banknotes (down from 3.6 banknotes in 2017).
For comparison, in 2018, in the EU member states, this indicator was approximately 27 counterfeit euro banknotes (33 counterfeit euro banknotes in 2017), according to the information on the official website of the European Central Bank.
In 2018, the number of counterfeit banknotes decreased for the following denominations:
UAH 500 and UAH 20 – by 50%
UAH 50 – by 25%.
At the same time, the number of withdrawn counterfeit banknotes increased for the following denominations:
UAH 200 – by 17%
UAH 100 – by 13%.
Banknotes of the following four denominations accounted for 99% of counterfeit banknotes withdrawn from circulation:
- UAH 500 (46% of the total number of withdrawn counterfeits and 80% of their total value)
- UAH 100 (27% and 9%, respectively)
- UAH 50 (15% and 3%, respectively)
- UAH 200 (11% and 8%, respectively).
Other withdrawn counterfeit banknotes of denominations ranging from UAH 1 to UAH 20 accounted for only 1%.
Most of the counterfeit banknotes (99%) were produced with the use of copiers or computer equipment, in particular with the use of inkjet and laser printers. The rest of the counterfeits (1%) were grafically printed. The detected counterfeit banknotes had been distributed through fastfood restaurants, retailers, and gas stations.
As for the counterfeit foreign currencies withdrawn from circulation in 2018, the following currencies prevailed:
US dollar (78% of the total number of counterfeit foreign currency banknotes withdrawn from circulation)
euro (17%)
Russian ruble (4%)
Swiss franc and GB pound (1%).
Foreign banknotes that were counterfeited most often are the following:
- USD 100 (97% of the total number of withdrawn counterfeit US dollar banknotes)
- EUR 50 and EUR 200 (45% and 36%, respectively, of the total number of withdrawn counterfeit euro banknotes)
- RUR 5000 (78% of the total number of withdrawn counterfeit Russian ruble banknotes).
For reference.
As with other central banks, the National Bank of Ukraine constantly improves the security features of banknotes to prevent counterfeiting and to make it easier for people to identify authentic banknotes.
If in doubt about a banknote’s authenticity and fitness for commerce, citizens should submit questionable hryvnia banknotes to banks for further examination by the NBU.
The NBU conducts the examinations free of charge. Based on their results, clients are reimbursed the respective amount in the domestic currency if the cash is deemed authentic and fit for commerce.
Counterfeit banknotes are confiscated without reimbursement. The National Police of Ukraine is informed about the confiscation. The counterfeits are then handed over to the authorized police officers for further investigation.
Please, be informed that the detailed description of all banknotes of the domestic currency in circulation and their security features can be found at the official NBU website.