There are fewer and fewer 200-hryvnia banknotes, and it’s the fault of Ukrainians themselves. The NBU explained everything
17 January 2025 09:42
Last year, the growth rate of cash in circulation remained moderate and was at the level of 2023, which indicates that citizens and businesses are adapting to the realities of a full-scale war. This is reported by the National Bank of Ukraine, "Komersant Ukrainian" informs.
In 2024, the amount of cash in circulation in Ukraine increased by 7.6% (or by UAH 58.0 billion) and as of January 1, 2025, amounted to UAH 822.4 billion.
How many banknotes and coins are in circulation
The NBU has 2.6 billion banknotes in cash circulation, totaling UAH 814.3 billion, and 14.8 billion coins (excluding commemorative and investment coins), worth UAH 7.96 billion.
As of the beginning of this year, there were 63 banknotes and 186 banknotes and coins in circulation per capita.
What banknotes and coins are most and least in circulation
The largest number of banknotes in circulation are 500 hryvnia notes and 10 kopiyka coins (27.3% and 27.8% of the total amount in circulation, respectively). The least amount of hryvnia 50 banknotes and hryvnia 10 coins in cash circulation is in circulation (4.4% and 1.8% of the total amount in circulation, respectively).
The dynamics of coins in circulation shows that the highest growth rate in 2024 was for 5 and 10 hryvnia coins. Their number in circulation increased by 27% and 33%, respectively, compared to the beginning of 2024.
The number of hryvnia 10 and hryvnia 5 banknotes also decreased significantly (by 15% and 11%, respectively). This is because the NBU is gradually withdrawing hryvnia 1, 2, 5, and 10 banknotes from circulation, replacing them with coins that can stay in circulation for a much longer period of time.
Last year, the number of 25 kopiyka coins in cash circulation decreased the most, by 0.1% compared to the beginning of 2024, due to the withdrawal of these non-payment coins from circulation.
Which banknotes are in the greatest demand
The dynamics of banknotes in circulation in 2024 shows a stable demand for 1,000 hryvnia banknotes, which is one of the consequences of the full-scale invasion, as people prefer higher denominations of banknotes to keep their savings.
At the same time, among the banknotes used to back up cash circulation, the largest decline in the number of banknotes was in the 200-hryvnia denomination, which decreased by 24.5% last year (in part due to their active replacement by 1,000-hryvnia banknotes and the beginning of the gradual withdrawal of old banknotes of this denomination from circulation).
The NBU will soon introduce a “shag” instead of a “kopiyka”
Last September, the NBU announced that it was initiating a change in the name of the change coins from “kopiyka” to “shag”. This will be done to restore historical justice, promote de-Russification and revive national traditions in Ukraine’s money circulation.
The name “shah” is of ancient Ukrainian origin, and it has been used both on the territory of Ukraine and in Ukrainian monetary counting since the 16th and 17th centuries. It is widely used in classical Ukrainian literature, in particular, it is often mentioned in the works of Taras Shevchenko, Lesya Ukrainka, and other writers. In contrast, the name “kopiyka” has a Moscow, imperial origin.
The NBU has developed proposals for the necessary legislative changes. The ratio between the “kopiyka” and the “shag” will be 1:1.
The NBU will also develop the design and determine the procedure for putting “shahs” into circulation, as well as the procedure and timing for withdrawing “kopiykas” from circulation. The gradual introduction of coins denominated in shahs within the planned issue will not affect inflation, as it is not expected to increase the amount of cash in the economy.
