National Bank withdraws one more coin from circulation

Coins with a denomination of 25 kopecks can be returned to banks and exchanged for other notes and coins for another three years.

The National Bank is withdrawing the 25 kopeck coin from circulation. As of October 1, the currency of this denomination is no longer legal tender. NBU deputy head Alexey Shaban said this in a briefing, according to the regulator’s website on Wednesday, September 2.

According to him, from October it will not be possible to pay for goods or services with these currencies. But they can be handed over to banks and exchanged for other bills and coins for another three years.

“We continue to put things in order in the cash circulation and bring it to world standards, – said Alexey Shaban. – The main objective of our solutions is to simplify cash payments and increase their convenience for users. We also care about the economic viability and improving the quality of cash in circulation. “

As a result, the series of notes and coins of the hryvnia will be reduced from 17 denominations to 12. In total, it will contain six denominations of coins and six denominations of notes.

“This is in line with international practice. The series of notes and coins will become orderly and convenient,” said the vice president of the National Bank.

Shaban added that since October 1, the NBU also withdraws banknotes of the old denominations of the issue until 2003. Currently there are less than 2% of those banknotes in circulation.

The National Bank will more actively withdraw from circulation the 1 and 2 hryvnia paper banknotes and 1 hryvnia coins of the 1996 model, replacing them with the corresponding circulating coins of the 2018 model.

At the same time, for the period from October 1, 2019 to August 31, 2020, 77.5 million small denomination coins were withdrawn from cash circulation, of which the denomination was:

• 1 kopeck – 3.5 million pieces or 0.14% of the coins of this denomination in circulation;

• 2 kopecks – 1.9 million pieces or 0.14% of the coins of this denomination in circulation;

• 5 kopecks – 23 million pieces or 1.3% of the coins of this denomination in circulation;

• 25 kopecks – 49.1 million pieces or about 3% of the coins of this denomination in circulation.

As a reminder, as of October 1, 2019, coins with denominations of 1, 2 and 5 kopecks are no longer a means of payment in Ukraine. They were withdrawn from circulation on October 1, 2019.

In addition, the NBU said what the Ukrainians should do with the outgoing small coins.