KYIV, July 10** – Ukraine’s central bank has announced the introduction of a new 2,000-hryvnia banknote, the country’s highest denomination, as the ongoing war continues to reshape the economy and increase demand for physical cash.
The new blue-colored note, valued at roughly $45, is scheduled to enter circulation on September 4. It features Vasyl Stus, the renowned Ukrainian poet, human rights activist, and Soviet-era dissident, whose legacy has become a symbol of Ukraine’s national identity.
Central Bank Governor Andriy Pyshnyi said the decision reflects the changing needs of the country’s economy, where rising prices, shifting payment habits, and a growing volume of cash in circulation have increased demand for larger denomination banknotes.
Pyshnyi noted that while Ukraine has made significant progress in digital payments, the ongoing conflict has highlighted the importance of maintaining reliable access to physical cash, particularly in frontline areas where electronic payment systems and banking services may be disrupted.
The war with Russia, now in its fifth year, has severely affected Ukraine’s economy, damaging infrastructure, disrupting trade and supply chains, and forcing millions of people to flee their homes. Despite the widespread use of cashless payments across the country, wartime conditions have continued to boost the need for cash transactions.
According to the central bank, the total value of cash in circulation reached 970 billion hryvnias at the beginning of July 2026, up sharply from approximately 390 billion hryvnias in 2019, when the current highest denomination of 1,000 hryvnias was introduced.
Officials said the 1,000-hryvnia note now accounts for more than 55% of the total value of banknotes in circulation, demonstrating the need for a higher denomination to improve efficiency in cash handling and reduce transportation and logistics costs.
The central bank also reaffirmed its commitment to controlling inflation while ensuring the country’s financial system remains resilient throughout the conflict.
Speaking at the unveiling, Ukraine’s parliamentary speaker Ruslan Stefanchuk said featuring Vasyl Stus on the new banknote carries strong symbolic significance, describing it as a fitting tribute at a time when Ukraine continues to defend its sovereignty, culture, and national identity.
