The new 2,000-hryvnia banknote: when will it enter circulation and will it affect prices?
This was announced by Andriy Pyshnyy, Governor of the NBU, during the presentation of the new banknote.
Why is the NBU introducing a new denomination?
The National Bank explains that the introduction of the new banknote is a consequence of changes in the economy, rather than an extraordinary decision. According to Andriy Pyshnyy, since the introduction of the 1,000-hryvnia banknote in 2019, price levels, household incomes and the volume of cash in circulation have changed significantly. This is precisely why there was a need to expand the range of banknotes.
The NBU emphasises that this practice is common among central banks in various countries, as the range of banknotes must reflect economic realities.
To whom is the new banknote dedicated?
The new banknote is dedicated to the Ukrainian poet, dissident and human rights activist Vasyl Stus. His portrait appears on the front, whilst the reverse features the building of the Faculty of Philology at Donetsk National University, where he studied.
The banknote also features a line from a poem by Stus, written whilst he was in prison:
‘And the candle flickers with the dawn, which our great-grandson will call day.’
The lettering uses a typeface inspired by the works of the artist Heorhii Narbut — the designer of the first Ukrainian banknotes from the era of the Ukrainian People’s Republic.
What security features will the banknote have?
The National Bank notes that the new banknote contains over twenty security features. These include the latest Anima Colour polymer security strip, which is being used on banknotes for the first time. When the note is tilted, the image on the strip changes: the Trident transforms into the hryvnia symbol, and a motion effect is created. In terms of design, the new banknote continues the series of hryvnia banknotes from 2014–2019, but differs in its colour scheme and size.
Will the 2,000-hryvnia banknote affect inflation?
The NBU emphasises that the introduction of the new denomination does not mean an additional money supply and will not lead to a rise in inflation.
The new banknotes will enter circulation in exchange for cash of other denominations or non-cash funds. In other words, the total money supply in the economy will not increase.
The National Bank explains that the new denomination is a response to existing economic changes. Over the past seven years, the average wage in Ukraine has roughly tripled, the price level has doubled, and the volume of cash in circulation has also more than doubled.
The regulator forecasts that inflation may accelerate slightly in the second half of 2026 due to rising business costs, but it will begin to fall in 2027 and is expected to return to the target level of 5 per cent in 2028.
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