In Ukraine, as of today, September 4, a 2,000-hryvnia banknote featuring a portrait of Vasyl Stus is being put into circulation. The NBU provided information about its features and whether this will affect inflation, UNN writes.
When will the 2,000-hryvnia banknote be put into circulation?
The National Bank is putting into circulation a banknote of the new highest denomination, 2,000 hryvnias, starting September 4, 2026.
The National Bank deliberately presented the new banknote in advance — two months before its date of introduction into circulation — to give banking and nonbanking institutions the opportunity to configure their equipment (ATMs and self-service terminals) in time, and to allow citizens and businesses to familiarize themselves with the banknote’s design and security features.
The date of introduction into circulation was chosen for a reason — it carries a certain symbolism.
Indeed, it was on September 4, 1965, during the premiere of the film "Shadows of Forgotten Ancestors" at the Ukraine cinema in Kyiv, that Vasyl Stus, together with Viacheslav Chornovil and Ivan Dziuba, staged the first open public protest in the USSR against the mass political repression of the Ukrainian intelligentsia.
And on September 4, 1985, Vasyl Stus died while imprisoned in the strict-regime camp "Perm-36".
What does the 2,000-hryvnia banknote look like?
The banknote commemorates Vasyl Stus — a Ukrainian poet of the Sixtiers generation, translator, publicist, prose writer, thinker, literary scholar, literary critic, human rights activist, political prisoner of the USSR, member of the Ukrainian Helsinki Group, one of the most active representatives of the Ukrainian dissident movement and a fighter for Ukraine’s independence in the 20th century, recipient of the State Prize named after T. Shevchenko (posthumously, 1991) and Hero of Ukraine (posthumously, 2005).
The front side of the new banknote features a portrait of Vasyl Stus, while the reverse side features the building of the Faculty of Philology of Donetsk National University, where he studied.
The banknote also bears a line from his poem written while imprisoned: "And the candle flickers with the dawn that our great-grandson will call day".
The denomination inscription on the new 2,000-hryvnia banknote featuring Vasyl Stus was changed following a discussion about the calligraphy of the denomination and its stylistic association with a font adaptation once created by a Russian female designer.
In design, the new banknote follows the modified hryvnia banknotes of the 2014–2019 series. It differs from banknotes of other denominations in size and color.
The 2,000-hryvnia banknote of the 2026 series will bear the signature of NBU Governor Andriy Pyshnyi.
Why has the National Bank decided to introduce a new hryvnia denomination specifically now?
For central banks of any country, the banknote series of the national currency is not something static. The economy changes. Incomes, prices, the amount of cash in circulation, and people’s behavior change as well. The banknote series of the national currency must therefore correspond to these changes. Thus, when introducing new banknote denominations into circulation, central banks take economic factors into account above all, the National Bank noted.
The 1,000-hryvnia banknote was introduced into circulation in 2019, nearly seven years ago. Since then, many events have taken place in Ukraine that have affected the economy — including the coronavirus crisis and the beginning of the full-scale invasion.
Just as in 2019 economic prerequisites led to the introduction of the 1,000-hryvnia banknote, in 2026 they created a justified need to introduce a 2,000-hryvnia banknote, the NBU emphasized:
- first, since the 1,000-hryvnia banknote was introduced seven years ago, the average monthly salary in Ukraine has tripled, while the price level based on the inflation index has doubled. This created a need for a greater amount of cash, because if, after the introduction of the 1,000-hryvnia banknote, 10 banknotes of the highest denomination were enough to receive the average monthly salary, in 2026 more than 30 banknotes with a denomination of 1,000 hryvnias are needed for this;
- Secondly, the amount of cash in circulation more than doubled—from almost UAH 390 billion in 2019 to over UAH 970 billion as of July 1, 2026. Wartime needs, among other factors, led to increased demand for cash. The resilience of the financial system is ensured not only by the availability and uninterrupted operation of cashless infrastructure, but also by convenient access to secure cash. For example, when residents of frontline communities can make payments even where there is no stable connection;
- Thirdly, there have been changes in the structure of cash in circulation. Currently, banknotes with a denomination of UAH 1,000 already account for more than 55% by value. In the global central banking practice, this indicates the need to introduce a higher-denomination banknote.
As noted by the NBU, introducing a UAH 2,000 banknote has a number of advantages for the state, the public, and businesses:
- for the state—reduced costs for logistics and servicing cash circulation. Fewer banknotes for the same volume of transactions means lower costs for their production, transportation, cash collection, processing, and storage;
- for banks—reduced operational workload, optimized cash-desk processes, smaller volumes of cash to process, and greater speed in supplying cash;
- for retailers—more convenient customer service and less workload for cashiers;
- for businesses—simpler and faster cash payments with customers;
- for the public—greater convenience in using and storing funds.
About the banknote’s security features
The banknote contains more than 20 security features—including both paper security features and innovative printing security elements—that reliably protect it from counterfeiting.
"This is the first banknote in the world to use a unique AnimaTM Colour ‘windowed’ security thread to enhance its security—a polychrome and animated thread. The thread’s design was developed to the order of the National Bank in a blue-and-yellow color scheme. When the angle of the banknote is changed, a motion effect and a change in the image can be observed on it—the Tryzub changes into the hryvnia symbol. This thread, as a new product, was presented by the manufacturer only at the end of April 2026, and now we have already implemented it on a new banknote," NBU Governor Andriy Pyshnyi said.
Will the introduction of the new banknote lead to higher inflation?
The introduction into circulation of new UAH 2,000 banknotes, the National Bank emphasized, is not connected with ‘printing money.’
They will enter circulation exclusively through exchange for non-cash funds or exchange for banknotes of other denominations. In other words, the amount of money in circulation will not increase.
Therefore, this will not lead to an increase in the amount of money in the economy and, accordingly, will have no consequences for inflation or the foreign exchange market.
New 2000 hryvnia banknote will not affect inflation - NBU Governor10.07.26, 16:10
How many new UAH 2,000 banknotes will be printed?
The printing of new banknotes becomes possible only after the secrecy classification is lifted, which takes place during the presentation of the new banknote. Their production will begin in accordance with the production plan of the National Bank’s Banknote and Minting Plant, including to replace worn banknotes of other denominations.
The National Bank plans to produce the number of UAH 2,000 banknotes necessary for their initial introduction into circulation—several million pieces.
Will it be possible to obtain the new banknote from banks as early as September 4?
The National Bank will be ready to supply banks with the new banknote starting September 4 of this year. On that day, banks will be able to receive it from the National Bank and issue it to customers.
Was the option of introducing a UAH 5,000 banknote considered, and why was UAH 2,000 preferred?
When considering the introduction of higher-denomination banknotes, the National Bank primarily takes into account economic factors and the models used by central banks.
At present, the optimal highest denomination for our country is UAH 2,000, the NBU said.
Will the production of UAH 2,000 banknotes result in additional costs for the National Bank?
No additional costs for producing the new banknotes are envisaged. They will primarily be issued within the planned volumes to replace worn and damaged banknotes of other denominations.
On the contrary, its issuance, as noted, will enable the National Bank to save money on the production, storage, processing, and transportation of banknotes, since one UAH 2,000 banknote can replace two UAH 1,000 banknotes and four UAH 500 banknotes in circulation.