From August 1, 2024, the National Bank of Ukraine will begin withdrawing from circulation 500 hryvnia banknotes of 2003-2007 samples. This phasing out is to replace old banknotes with new ones issued from 2014 onwards.

This was reported by the press service of the regulator, stressing that over time there will be fewer and fewer old banknotes in circulation, which will be replaced by modern samples with a higher level of protection.

Despite the withdrawal, the old 500 hryvnia banknotes will remain a valid means of payment. Citizens will continue to be able to use them for calculations without restrictions, and there will be no need to specially exchange them.

The decision to withdraw old banknotes is related to the need to improve the quality of cash payments. Old-style banknotes have been in circulation for almost 18 years, which leads to their significant wear and tear. The National Bank considers it necessary to update the cash, given that the new banknotes have more advanced means of protection.

To implement this process, the NBU will cooperate with banks. From August 1, Ukrainian banks will stop issuing old 500 hryvnia banknotes from cash registers for all types of cash transactions. The National Bank will also not deliver such banknotes to bank cash desks.

Once in the banks, the old-style 500-hryvnia banknotes will not return to circulation. They will be withdrawn from circulation and transferred to the National Bank for further transfer and disposal.

It is important to note that the replacement of banknotes will not affect citizens' cash settlements. Owners of old banknotes do not have to take any additional measures to exchange them for new ones, because they remain valid means of payment.