NBU notes low number of counterfeit hryvnia banknotes

For every 1 million banknotes in Ukraine there are only 3.4 fakes, the deputy head of the National Bank of Ukraine (NBU), Vira Rychakivska, has said.

"We have only 3.4 fakes per million banknotes. This is quite a low level," she said at a press conference on the occasion of the 16th anniversary of monetary reform in Ukraine.

The official said the EU has 46 fakes per million banknotes: Ukrainian counterfeits are of low quality, while counterfeit banknotes in some other countries are made using professional equipment and are of high quality.

She also said it is mainly Hr 100 banknotes are forged. However, several cases of forging Hr 20 banknotes have been recorded.

According to her, as of August 1 some Hr 219.5 billion in cash was in circulation (Hr 201.5 billion outside banks), including 2.6 billion banknotes (56 banknotes per capita) and more than 10 billion coins (215 coins per capita).

At the same time, the volume of cash in circulation in January-June this year fell by 2.2%, whereas in 2009-2010 the annual growth of the circulation was 17.4%: the correlation between cash in circulation and the money supply fell to 27.9%, which is the lowest figure in the last ten years.