The 2,000-hryvnia banknote will be put into circulation on September 4 - the NBU explained why now

On Friday, September 4, Ukraine will officially put into circulation a banknote with a denomination of 2,000 hryvnias, depicting the poet Vasyl Stus (1938–1985). The National Bank of Ukraine reports this, according to UNN.

Details

This will be the highest denomination in Ukraine. As noted by the NBU, the 1,000-hryvnia banknote was put into circulation in 2019, almost seven years ago. Since then, many events have taken place in Ukraine that have affected the economy. These include the coronavirus pandemic, as well as the beginning of Russia’s full-scale invasion.

The NBU cited the significant increase in the average monthly salary as one of the factors behind the introduction of the new banknote.

Since the introduction of the 1,000-hryvnia banknote seven years ago, the average monthly salary in Ukraine has tripled, while the price level based on the inflation index has doubled. This has created a need for a greater amount of cash, because while after the introduction of the 1,000-hryvnia banknote 10 banknotes of the highest denomination were sufficient to receive the average monthly salary, in 2026 more than 30 banknotes with a denomination of 1,000 hryvnias are needed for this

Another factor contributing to the introduction of the new banknote is the increase in the amount of cash from nearly 390 billion hryvnias in 2019 to more than 970 billion hryvnias as of July 1, 2026.

In addition, there have been changes in the structure of cash in circulation. Currently, banknotes with a denomination of 1,000 hryvnias already account for more than 55% by value. In global central banking practice, this indicates the need to introduce a banknote of a higher denomination

Let us recall

In honor of the 30th anniversary of the hryvnia, the National Bank of Ukraine put into circulation a commemorative silver coin, "Dedicated to the 30th Anniversary of the Monetary Reform in Ukraine."