Central Banks and Cash Round-Up

In this month’s round-up covering cash information in central bank annual reports, we look at Russia, in the throes of its ‘special military operation’, and its neighbour Ukraine, the target of that operation.

National Bank of Ukraine (NBU)

Andriy Pyshnyy – Governor of the NBU, prefaced the Annual Report with the statement that ‘2023 demonstrated the incredible resilience and adaptability of the Ukrainian economy and financial sector. Despite the war, Ukraine managed to move from a survival strategy to a recovery strategy, exceeding all expectations.’ During the year, the NBU fully implemented the POWER BANKING project, with emergency protocols ensuring the uninterrupted operation of banks in the event of blackouts, cyber attacks, or unavailability of communication channels. Its effectiveness was proven in March 2024 during Russia’s intensive missile attacks on Ukraine’s critical infrastructure.

Cash in circulation: as of 1 January 2024, UAH 764.4 billion worth of banknotes and coins were circulating within Ukraine. This included over 2.7 billion banknotes valued at UAH 757.5 billion, 14.5 billion coins worth UAH 6.7 billion, and 24.3 million commemorative and investment coins valued at UAH 151.5 million.