Record growth of counterfeit money: which banknotes are most often counterfeited in Ukraine
31 July 2024 07:40
The number of counterfeit banknotes – both hryvnia and foreign currency – is rapidly increasing in Ukraine. In the first half of 2024 for 1 million genuine banknotes there were 3.4 counterfeits, which is 62% more than in the previous year. This was reported by the National Bank of Ukraine to the request of the “Ministry of Finance”, reports "Komersant Ukrainian"
The NBU also cited data for previous years: in 2022 it was 2.2 counterfeits per million banknotes, and in 2023 – 2.1. In April-May this year, counterfeiters became more active, adapting to martial law conditions and testing the effectiveness of countermeasures.
However, the National Bank considers the current increase in counterfeiting to be moderate compared to 2021, when there were 7.1 counterfeits per million banknotes.
In the European Union, this figure is much higher: 12 counterfeits per million in 2021, 13 – in 2022, and 16 – in 2023.
In Ukraine, US dollars are most often counterfeited, especially $100 notes. In the first half of 2024, 1,200 foreign currency counterfeits were seized, which is significantly more than in the previous two years.
As for hryvnia forgeries, 90 per cent of them are in the denominations of 500 hryvnia banknotes issued in 2006 and 200 hryvnia banknotes issued in 2007. This is due to the fact that the old banknotes are gradually withdrawn from circulation, while the new samples have better protection due to modern technologies.
The NBU systematically improves the reliability of Ukrainian money, renewing it every 10-15 years. In addition, trainings for cashiers are organised to improve counterfeit detection. If new types of counterfeits appear, the banking system and law enforcement agencies are immediately informed about it.
So far, no sources of counterfeit growth have been identified, but the National Bank does not rule out the possibility of hostile influence from Russia, although there is no direct evidence of this yet. Once a full-scale invasion begins, the National Bank will take this potential threat into account.
