Last year, there was more cash in Ukraine, and the number of 1000 hryvnia banknotes increased significantly - National Bank
Kyiv • UNN
As of January 1, 2024, the largest number of 500 hryvnia banknotes were in circulation, almost a third of the total, as well as 10 kopiika coins.
In 2023, UAH 757.5 billion was in cash circulation. Among the banknotes in circulation, the largest number were 500-hryvnia banknotes, accounting for almost a third of the total. However, the number of 1000 UAH banknotes is also actively growing. This was reported by UNN with reference to the National Bank of Ukraine.
Details
According to the NBU, in 2023, there were 2.7 billion banknotes in cash circulation, totaling UAH 757.5 billion, and 14.5 billion coins, worth UAH 6.7 billion. Among all banknotes, the largest growth over the past year was demonstrated by the 1000 hryvnia banknotes, with their number increasing by 62.3%. The number of 100- and 200-hryvnia banknotes decreased the most, being replaced by 1000-hryvnia banknotes.
This is one of the consequences of a full-scale invasion, as people prefer to keep their savings in higher denominations because of the war
The dynamics of coin volumes in circulation shows that the highest growth rate in 2023 was for 10-hryvnia coins. Their number in circulation increased by 54.2%. The number of 5, 2, and 1 hryvnia coins in circulation also increased significantly - by 42.5%, 15.5%, and 8.4%, respectively.
This trend is explained by the fact that the NBU is gradually withdrawing hryvnia 1, 2, 5, and 10 banknotes from circulation, replacing them with the corresponding coins that can stay in circulation for a much longer period of time.
Cash growth
In 2023, the amount of cash in circulation in Ukraine increased by 6.7% (or by UAH 48.3 billion) and amounted to UAH 764.4 billion as of January 1, 2024.
However, the growth rate of cash in circulation in 2023 was half that of 2022. In 2022, this figure grew by 14.1%, which is explained by the high level of uncertainty among businesses and households caused by the outbreak of a full-scale war.
