Ukrainian hryvnia: NBU announces suspension of exchange of certain coins and banknotes

The National Bank of Ukraine has announced that starting from October 1, 2023, the possibility of exchanging certain coins and banknotes that have been withdrawn from circulation will be terminated. Instead of the old hryvnia money, citizens will be able to get new ones from the NBU or authorized banks.

NBU officials explain that the decision to withdraw this money from circulation is part of a strategy to optimize the denomination range of hryvnia banknotes and coins. This will help to improve the security and quality of money, as well as make cash payments more comfortable and simple.

As early as 2019, the NBU began to withdraw from circulation hryvnia coins and banknotes issued before 2003. The regulator gave citizens enough time to exchange old money for new ones. The exchange period ends on September 30, 2023, which falls on a Saturday, so most banks will be closed.

Starting from October 1, money in denominations of 1, 2, 5, and 25 kopiykas, as well as banknotes in denominations of 1, 2, 5, 10, 20, 50, 100, and 200 hryvnias of all years of issue before 2003 will not be accepted in payments and will not be exchanged for payment instruments.

To exchange such money, citizens can apply to the National Bank of Ukraine or to certain authorized banks, such as Oschadbank, PrivatBank, Raiffeisen Bank, FUIB, some of which are open on weekends.

It is important to note that the exchange of money withdrawn from circulation is free of charge. The National Bank of Ukraine explains this decision by two main reasons: improving the quality of cash and optimizing cash payments to avoid confusion in circulation.

Despite the gradual withdrawal from circulation, old banknotes remain legal tender in Ukraine. This strategy of replacing old banknotes with new ones aims to improve the quality of cash and simplify the process of cash payments in the country.