Ukraine Unveils Highest-Denomination Banknote Featuring Vasyl Stus

On Friday, Ukraine's central bank unveiled its newest banknote, the Hr. 2,000 denomination, featuring the image of Ukrainian poet Vasyl Stus. The new bill is valued at around $45. Banks will start issuing the notes from September 4, following approval from the National Bank of Ukraine (NBU).

The portrait on the front of the banknote showcases Stus, a leading 20th-century poet and a prominent critic of Soviet repression. The reverse side displays the philology faculty building at Donetsk National University, where Stus pursued his studies. The NBU explained that September 4 was selected for the banknote's release due to its historical significance.

On that date in 1965, Stus, alongside two other Ukrainian dissidents, organized the country's first open protest against political oppression in the Soviet Union during the film premiere of Sergei Parajanov's "Shadows of Forgotten Ancestors."

Twenty years later, on September 4, 1985, Stus passed away while imprisoned at Perm-36 in Russia. The central bank stated that introducing the higher denomination reflected changes in Ukraine's economy, including increased incomes and prices, a rise in cash circulation, and shifts in how people use banknotes. Since the introduction of the Hr. 1,000 bill seven years ago, Ukraine's average monthly salary has tripled, while prices have doubled according to the inflation index.

The central bank expects the new Hr. 2,000 note to lower the costs associated with handling, processing, and maintaining cash. Importantly, the NBU emphasized that issuing the higher denomination is not equivalent to "printing money" and will not lead to inflation or market fluctuations. The banknotes will only be introduced into circulation through exchanges for noncash funds or as replacements for worn notes of other denominations.

As of Friday, Ukraine's highest denomination banknote was the Hr. 1,000 bill, which was introduced in 2019.