Fake currency surge: fake money in Ukraine up 62% compared to 2023

Ukraine is dealing with a rise in counterfeit money, with both hryvnia and foreign banknotes being affected.

Over the last 6 months, 4 banknotes out of 1 million were forged, which marks a staggering 62% increase compared to 2023.

The trajectory is definitely negative as the year of 2022 saw just 2.2 counterfeits per million, while this number in 2023 stood at 2.1.

The National Bank of Ukraine said there had been a brief spike in counterfeiting activity in April and May this year as money forgers were obviously ‘adapting to wartime conditions’.

Ukrainian bankers though play down the issue arguing the pre-war counterfeiting rate stood at 7.1 counterfeit banknotes per million. considers it moderate, as before the full-scale invasion, the rate was 7.1 counterfeits per million.

Unsurprisingly, 95% of the counterfeit foreign currency seized in Ukraine were US dollars with $100 note being the most frequently counterfeited denomination. When it comes to hryvnas, counterfeiters prefer to defraud Ukrainians with 200 and 500 hryvna banknotes.