Starting March 2, 2026, banknotes of 1, 2, 5, and 10 hryvnias issued between 2003 and 2007 will no longer be considered legal tender in Ukraine. The National Bank of Ukraine has announced that these banknotes will be withdrawn from circulation and replaced with corresponding coins.
The withdrawal process means that retail networks, service providers, banks, and financial institutions will cease to conduct transactions using these banknotes. Citizens are allowed to exchange these notes for coins or other denominations without any restrictions or fees.
Exchanges can be made at:
- All bank branches in Ukraine until February 26, 2027;
- Authorized banks, including Oschadbank, PrivatBank, Raiffeisen Bank, and PUMB, until February 28, 2029;
- The National Bank of Ukraine without a time limit.
The National Bank has indicated that these banknotes are rarely used in retail transactions and have become worn out. The average lifespan of these notes is approximately 2.5 years, while coins can remain in circulation for 20 to 25 years.
The gradual removal of 1 and 2 hryvnia notes began on October 1, 2020, followed by the 5 and 10 hryvnia notes on January 1, 2023. In contrast, the corresponding coins were introduced between 2018 and 2020. The transition to coins is expected to reduce costs associated with cash handling and storage, while also improving the quality of currency in circulation.
The National Bank of Ukraine is officially withdrawing small denomination banknotes from circulation, transitioning to coins to enhance the efficiency of cash handling. Citizens can exchange the phased-out notes without fees until specified deadlines.