The National Bank of Ukraine is undertaking a systematic update of its currency, removing older banknotes from circulation. This initiative, which has been ongoing for several years, aims to enhance the quality and security of the national currency.
Key Details:
- Banknotes Being Withdrawn: Banknotes issued between 2003 and 2007, including denominations of 1, 2, 5, 10, 20, and 100 hryvnias, are being phased out.
- Transition to Coins: The bank is replacing paper notes of 1, 2, 5, and 10 hryvnias with silver coins introduced in 2018.
- New Banknotes: Modern banknotes from 2014 and later will replace the older 20, 50, 100, 200, 500, and 1,000 hryvnia notes.
- Exchange Not Required: There is no need for individuals to visit banks for exchanges, as the older notes remain legal tender but will not re-enter circulation.
- Aim: The initiative seeks to simplify transactions and improve the security of the national currency.
The withdrawal of these older banknotes began in October 2020, with the process continuing through various phases. The National Bank has emphasized the importance of ensuring that cash received in retail or from ATMs is secure and of good quality.
As part of this ongoing effort, the replacement of older banknotes is expected to increase the overall security and quality of currency in circulation. The older denominations are becoming increasingly rare as the process progresses.
Timeline of Withdrawals:
- 1, 2 Hryvnias: Withdrawn since October 2020.
- 5, 10, 20, 100 Hryvnias: Withdrawn since January 2023.
- 500 Hryvnias: Scheduled for withdrawal in August 2024.
- 50 and 200 Hryvnias: Scheduled for withdrawal starting November 1, 2024.
According to the National Bank, there is no need for citizens to specifically exchange old banknotes. They can continue to use these notes for transactions, as they remain valid. However, once an old note is deposited in a bank or processed through a terminal, it will not be returned to circulation.
The National Bank of Ukraine is systematically withdrawing older banknotes to enhance the security and quality of its currency. Citizens can continue using these notes, but they will not be reintroduced into circulation once deposited.