Starting from September 4, 2026, the National Bank of Ukraine will introduce a 2,000 hryvnia banknote into circulation. The NBU announced this in an official release.
NBU Governor Andriy Pyshnyy, explaining the decision, noted: the list of banknotes in circulation is not immutable. It must reflect real economic conditions, income levels, price dynamics, and people's behavior in settlements.
Three factors that led to the introduction of the new banknote
The first factor: a significant increase in incomes and prices since the one-thousand-hryvnia banknote was introduced. Over seven years, the average salary of Ukrainians has tripled, and the overall price level has doubled. The practical consequence: if previously 10 one-thousand-hryvnia banknotes were enough to receive an average salary in cash, now more than 30 such banknotes are needed.
The second factor: a sharp increase in the total mass of cash in the economy. As of July 1, 2026, the amount of cash in circulation exceeded 970 billion hryvnias, whereas in 2019 it was 390 billion hryvnias, meaning the indicator more than doubled. The NBU attributes this growth, in particular, to the needs of wartime. At the same time, the regulator emphasizes: despite the fact that 96% of settlements in Ukraine are cashless, cash remains a critical element of financial stability, especially in frontline areas where stable communication and cashless payments may be unavailable.
The third factor: a structural imbalance in cash circulation. One-thousand-hryvnia banknotes currently account for over 55% of the total amount of cash in circulation. According to the NBU's assessment, such a concentration corresponds to the international practice of central banks, which indicates the need to introduce a higher denomination banknote.
Expected effects for the state, banks, and the population
The NBU lists several groups of consequences from expanding the banknote series. For the state: reduced costs for manufacturing, transporting, storing, and collecting cash, as a smaller number of banknotes for similar operations directly reduces these costs. For the banking system: reduced operational load on cashiers due to smaller physical volumes of cash that need to be processed. For trade and business: accelerated settlements with customers. For the population: more convenient storage and movement of funds.
