The Number of Counterfeit Hryvnias in Ukraine Increased in 2024

In Ukraine, there has been a significant increase in the number of counterfeit hryvnias in 2024. According to the National Bank of Ukraine, there are approximately 5.1 counterfeits for every 1 million genuine banknotes, whereas in 2023, this figure was 2.1 counterfeit notes. This indicates a deterioration in the situation with counterfeiters, although there are effective methods for recognizing fakes.

This is reported by AgroReview

According to representatives of the National Bank, a counterfeit note can be identified using several simple methods. In particular, attention should be paid to:

• the banknote paper;
• the relief of the images on the front side of the banknote, which is ensured by special printing;
• checking against the light to notice watermarks, including portraits and digital denomination markings;
• the presence of a through element that forms a complete image without breaks;
• a security thread embedded in the paper, the image of which is visible under a magnifying glass and when the angle of inclination is changed;
• a polymer thread with a digital denomination marking that has a kinetic effect;
• color changes in the images when viewed from different angles and the movement of background images.

It is noted that most counterfeit hryvnias in 2024 were of low quality. This is due to the fact that genuine banknotes of the modern design have an improved design and enhanced security system. The most commonly counterfeited notes are those of the old design, issued before 2015. In total, over 78% of seized counterfeits were 500 hryvnia notes, 18% were 200 hryvnia notes, and the rest were small denominations from other categories.