The National Bank of Ukraine has announced that starting March 2, 2024, banknotes of 1, 2, 5, and 10 hryvnias from the 2003-2007 series will be replaced by corresponding coins. After this date, these banknotes will no longer be valid for transactions and will be withdrawn from circulation.
According to the central bank, these denominations will not be accepted for cash payments in retail, services, or financial institutions. All businesses, including banks, will cease to accept them for any transactions.
Citizens will have the opportunity to exchange their existing banknotes for coins and other denominations still in circulation. This exchange can be done without any fees at all bank branches across Ukraine for one year following the withdrawal, until February 26, 2027. Authorized banks such as Oschadbank, PrivatBank, Raiffeisen Bank, and PUMB will accept exchanges for three years, until February 28, 2029. The National Bank will accept these banknotes indefinitely.
The National Bank explained that these lower denomination banknotes are rarely seen in retail and are seldom used for transactions. Additionally, the remaining banknotes in circulation are largely worn out. In contrast, coins of 1, 2, 5, and 10 hryvnias have been in circulation for many years and are expected to last significantly longer, typically around 20 to 25 years.
Starting March 2, 2024, Ukraine will withdraw low-denomination banknotes from circulation, replacing them with coins. Citizens can exchange these banknotes without fees at various banks for an extended period.
Source: National Bank of Ukraine