National Bank ceases circulation of most popular banknotes

Starting March 2, banknotes in denominations of 1, 2, 5, and 10 hryvnias issued in 2003-2007 will lose their status as a means of payment.

This was reported by the National Bank of Ukraine.

From this date, retail chains, service providers, banks and financial institutions will no longer accept such banknotes for payments. They will be withdrawn from cash circulation and replaced with corresponding coins.

Citizens will be able to exchange old banknotes without restrictions and without commission. In bank branches, this can be done throughout the year – until February 26, 2027 inclusive. In authorized banks, in particular Oschadbank, PrivatBank, Raiffeisen Bank and FUIB, the exchange will last for three years – until February 28, 2029 inclusive. At the National Bank, the exchange will be carried out indefinitely.

The NBU noted that banknotes of these denominations have almost disappeared from retail. Citizens hardly use them, and their average shelf life is about 2.5 years.

The regulator began the gradual withdrawal back in 2020. From October 1, 2020, banks withdrew 1 and 2 hryvnia banknotes, and from January 1, 2023, 5 and 10 hryvnia banknotes.

Instead, coins of the corresponding denominations are already in circulation, the useful life of which reaches 20-25 years.

As previously reported, the eCheck pilot project, a state program for electronic checks, has been launched in Ukraine.