The amount of cash in Ukraine has almost tripled in seven years: from approximately 390 billion hryvnias in 2019 to over 970 billion hryvnias as of July 1, 2026, according to the National Bank. Salaries increased threefold during the same period, while prices doubled. The result is noticeable in the circulation structure: 1,000 hryvnia banknotes now exceed 55% of the total cash volume.
In 2019, the average salary was covered by 10 thousand-hryvnia banknotes. Now, more than 30 are needed. At the same time, 96 out of 100 payment transactions in Ukraine are cashless – but for frontline communities, where communication is unstable, cash remains critically important. The 1,000 hryvnia banknote appeared in 2019, and in seven years, the need for a higher denomination became obvious.
The NBU decided: from September 4, 2026, a 2,000 hryvnia banknote will be put into circulation – the new highest denomination. On the same day, banks will be able to receive and issue it to customers. The banknote was presented in advance so that banking and non-banking institutions could adjust their equipment, and citizens and businesses could familiarize themselves with the design and security features.
The banknote features a portrait of Vasyl Stus, a poet of the Sixtiers movement and a fighter for Ukraine's independence in the 20th century. The date of introduction into circulation is associated with two specific events. On September 4, 1965, during the premiere of the film "Shadows of Forgotten Ancestors" at the "Ukraina" cinema in Kyiv, Vasyl Stus, Viacheslav Chornovil, and Ivan Dziuba held the first open public protest in the USSR against the repression of the Ukrainian intelligentsia. Exactly twenty years later, on September 4, 1985, Stus died in captivity in the "Perm-36" camp.
In international practice, when the largest banknote's share exceeds 55% of the total cash volume, it serves as a reason for introducing a higher denomination banknote – this is precisely the threshold that the NBU has recorded.
What will change for different participants
State: reduced costs for manufacturing, logistics, collection, processing, and storage of cash.
Banks: reduced operational load and optimized cash processes.
Trade and business: more convenient customer service and faster cash settlements.
Population: convenience in using and storing funds.
