Not just a nominal upgrade: under what conditions will Ukrainians have to get acquainted with the UAH 5,000 banknote?
1 December 2025 13:49
ANALYSIS FROM 
Will a 5000 UAH banknote appear in Ukrainians’ wallets? Financial experts emphasize that there are no grounds for this now, but at some point in the future: why not? Under what conditions is it possible that banknotes of such denominations will appear in circulation – "Komersant Ukrainian" found out.
A purely formal reason to investigate the possibility of introducing five-thousand-dollar banknotes into circulation arose after a video with the alleged design of a “new 5000 hryvnia banknote” was recently circulated on the Internet and in some media, and the National Bank stated that this information was not true, that the NBU is not developing a design for a 5000 hryvnia banknote and that the video shows a presentation piece “Panteleimon Kulish” made in 2008 to demonstrate the technological capabilities of the National Bank of Ukraine’s Banknote and Minting Works. The NBU also promised to inform the public if the decision to update the denomination range of the national currency banknotes of Ukraine is changed in the future. But how likely are such changes?
Option: devaluation
Questions about the possibility of introducing 5000 UAH banknotes have arisen before. At least among journalists. For example, a year ago, in an interview with LIGA.net, NBU Governor Andriy Pyshny explained that the National Bank had no plans to issue a UAH 5,000 banknote. As the official said at the time, the existing denominations are fully consistent with the current situation. But the situation may change. So, under what economic conditions is it possible that 5,000 hryvnia notes will appear?
According to economist Borys Kushniruk, the NBU’s issuance of banknotes of this denomination will indicate inflation and depreciation of national money, i.e. devaluation.
“I do not rule out that Ukrainians will have to get acquainted with such a banknote. It will depend on the policy that the state will implement. It will also depend on the external situation. Imagine that next year Ukraine will be severely restricted in its external financing. How will the state cover its current liabilities? By issuing bonds. Unfortunately, there will be no other option. If you have nothing to finance, you start the printing press. Inflation is still growing in our country. It’s just not on such a scale yet. And we have not yet reached the five thousand hryvnia banknotes. But we can’t rule it out,” the expert notes.
Ivan Kompan, founder of the First Kyiv Investment Club, admits that five-thousand hryvnia banknotes may appear, but not in the near future. He also believes that the termination of international aid is a critical prerequisite for this option.
“It seems that many people in Ukraine expect that we will be supported forever. But I think that when the war is over, the amount of aid will decrease. At least the unconditional aid. Then it will become conditional. That is, we will be required to make some changes, some reforms, some actions. And this is our weak point. We are not very good at fulfilling the requirements, at doing what would be useful for the economy and for the state. But I don’t think that five thousand is a matter of the near future, and right now we will need a five thousand hryvnia bill. So when the NBU says that they have no plans, I think they are telling the truth,” the expert says.
Option: denomination
A year ago, the NBU said that it had no plans to issue UAH 5,000 banknotes, and that it had no plans to denominate small coins. Denomination is a change in the face value of banknotes without changing their purchasing power. This is done in order to streamline the monetary system, eliminate, for example, excessive zeros, and restore public confidence in the national currency.
Instead, what is being talked about both inside and outside the National Bank is changing the name of the change coin – instead of a kopek, a “shag” should appear. In early November, the Verkhovna Rada even registered a bill No. 14093. The need for a new name is explained by the restoration of historical justice, the affirmation of Ukrainian identity, and the final break with colonial narratives.
This beautiful idea has many supporters, but there are also critics. Economist Borys Kushniruk, for example, believes that its implementation is not quite right on time.
“What’s the point of issuing coins that are depreciating anyway? All the stores are still trying to make sure that all the numbers are within the hryvnia,” the expert emphasizes.
He reminds us that we are currently experiencing inflation, which will remain quite high not only during the war, but also for several years after it ends.
“We will have to put up with it. And after that, I think we will have to carry out denomination. Therefore, it makes no sense to introduce new coins right now for these reasons,” the economist said.
Financial analyst Andriy Shevchyshyn also suggests that denomination may be carried out in some time. And then, according to him, we won’t see five thousand hryvnia bills, because there will be fifty rather than five thousand, and there will be new hryvnia and “steps”.
Author: Sergiy Vasilevich
