Ukraine unveils new 2,000 hryvnia bill as war drives demand for cash

By Olena Harmash

KYIV, July 10 (Reuters) - Ukraine's central bank announced plans on Friday to release a new 2,000-hryvnia bill, which will be its largest denomination, in a bid to ease cash transactions as the war drives up inflation and disrupts banks and electronic payments.

The blue banknote — currently worth about $45 and featuring a portrait of Soviet-era Ukrainian poet and dissident Vasyl Stus — will go into circulation on September 4, Central Bank Governor Andriy Pyshnyi said.

"The economy changes. Income levels, prices, the volume of cash in circulation, and people’s payment behaviour all evolve," Pyshnyi said as he unveiled the new design in the central bank's operational hall inside the heavily guarded government quarters.

ACCESS TO CASH CRUCIAL ON FRONTLINE

"The war reminds us every day that the financial system should be not only modern but also resilient. Resilience means not only a functioning cashless infrastructure, but also people’s access to cash," he added.

The war with Russia, now in its fifth year, has devastated Ukraine's economy. Millions have fled the fighting, cities and infrastructure have been bombed, and exports, supply chains and logistics have been disrupted.

The majority of commercial transactions in Ukraine are cashless, but the wartime challenges still fuel demand for cash, Pyshnyi said. Easy access to cash is particularly important in Ukraine's frontline regions.

The volume of cash in circulation grew to 970 billion hryvnias at the start of July 2026, compared with about 390 billion hryvnias in 2019 when the 1,000 banknote was introduced.

"The structure of cash in circulation has changed. 1,000-hryvnia banknotes now account for more than 55% of the total value of all banknotes in circulation," Pyshnyi said. That indicated that a higher denomination banknote was required, he added.

He reiterated the central bank's commitment to keep inflation under control.

The new largest bill would help reduce logistics costs and optimize cash movement, Pyshnyi said.

Vasyl Stus — whose image appears on the note — endured years of Soviet detention for his rights activism and his defence of Ukraine's national culture.

"This banknote is timely today as it is now when Ukraine is defending its identity," parliamentary speaker Ruslan Stefanchuk said.

(Reporting by Olena Harmash; Editing by Andrew Heavens)