Beware: the amount of counterfeit money is growing in Ukraine
9 September 2024 12:48
The National Bank of Ukraine has reported an increase in the amount of counterfeit money in circulation. This is stated in the NBU’s response to a request from the Ministry of Finance, according to "Komersant Ukrainian"
At the beginning of the full-scale war, the number of counterfeits was lower – 2.2 counterfeits per million in 2022 and 2.1 in 2023. However, in the first half of 2024, this figure rose to 3.4 counterfeits per million genuine banknotes, a 62% increase compared to the previous year.
The NBU explains that a short-term increase in counterfeiters’ activity was observed in April-May, which is due to adaptation to martial law conditions. However, the regulator considers this growth to be moderate, especially compared to the pre-war period, when the rate reached 7.1 counterfeits per million.
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Interestingly, the situation with counterfeiting is worse in the European Union. There were 12 counterfeit euros per million in 2021, 13 in 2022, and 16 in 2023.
In Ukraine, criminals are more likely to counterfeit US dollars than euros. In the first half of 2024, 1,200 counterfeit foreign currencies were seized, 95% of which were US dollars, mostly in denominations of $100.
As for the hryvnia, the most commonly counterfeited banknotes are the old 2006 hryvnia 500 and 2007 hryvnia 200. The NBU is addressing this problem by gradually withdrawing old issues from circulation and introducing new banknotes with better security features.
The NBU continues to fight counterfeiting by training cashiers and cooperating with law enforcement agencies. Although there is no direct evidence, the NBU does not rule out the possibility of hostile influence from Russia in increasing the number of counterfeits.
Meanwhile, industrial inflation has accelerated in Ukraine.
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