Photo from UNIAN
The growth in cash over the year is due to the needs of the growing economy for the means of payment.
The National Bank of Ukraine (NBU) says hryvnia banknotes and coins in circulation in Ukraine totaled UAH 425 billion, or US$17.1 billion, in 2019, which was 6.2% up from the figure reported in 2018.
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In particular, coins worth UAH 2.6 billion (US$104.6 million) and banknotes worth UAH 422.3 billion (US$17 billion) were in circulation as of January 1, 2020, the NBU's press service wrote on Facebook on January 28.
The growth in cash over the year is due to the needs of the growing economy for the means of payment, while the demand for cash was constrained by the further development of cashless payments. Thus, the average cash share in the economy fell from 9.5% in 2018 to 8.9% in 2019, the reports said.
At the beginning of 2019, the average number of cash means of payment per capita was 70 banknotes and 182 coins.
Two-hundred-hryvnia banknotes and 10-kopiyka coins accounted for 23.4% and 28.9%, respectively.
At the same time, there are almost 4 million 1,000-hryvnia banknotes in circulation, that is Ukraine's highest face value paper money, which was put into circulation on October 25, 2019.
As UNIAN reported earlier, the rate of counterfeit hryvnia banknotes grew from 2.5 per 1 million genuine ones in 2018 to 2.9 in 2019. However, the rate remains stably low. In 2018, the fake money rate in the European Union member states was about 27 euro banknotes per 1 million genuine ones.