Key facts
- Ukraine's central bank will introduce a new 2,000-hryvnia banknote.
- The new bill, featuring Vasyl Stus, will be the largest denomination.
- It is set to enter circulation on September 4.
- The war has increased demand for cash despite a majority of transactions being cashless.
- Cash in circulation has grown to 970 billion hryvnias, with 1,000-hryvnia notes making up over 55% of the total value.
Ukraine's central bank announced plans to issue a new 2,000-hryvnia banknote, the largest denomination in the country, to be released on September 4. The decision comes as the ongoing war with Russia has driven up inflation and disrupted electronic payment systems, increasing the demand for physical cash.
Central Bank Governor Andriy Pyshnyi stated that the war highlights the need for a resilient financial system that includes robust access to cash, particularly in frontline regions. He noted that the volume of cash in circulation has significantly increased, with 1,000-hryvnia banknotes now comprising over 55% of the total value of banknotes in circulation, indicating a need for a higher denomination.
The new blue banknote will feature a portrait of Vasyl Stus, a Soviet-era Ukrainian poet and dissident known for his activism. Parliamentary speaker Ruslan Stefanchuk remarked that the banknote is timely as Ukraine defends its identity. The central bank also reiterated its commitment to controlling inflation and stated that the new bill would help reduce logistics costs and optimize cash movement.