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Photo: National Bank (Vitaliy Nosach, RBC-Ukraine)
Within three years, the coins and banknotes can be returned to the banks and the National Bank.
The National Bank of Ukraine withdraws from circulation coins with a denomination of 25 kopeks and all hryvnia banknotes of old samples, issued before 2003. This money is no longer a means of payment from 1 October.
The corresponding decision was made by the NBU.
According to the decision of the NBU, all shops, restaurants and everyday life must stop accepting them from October 1, 2020, and the rest of said coins and banknotes must be returned to the bank tellers to be credited to the accounts before October 16.
According to the NBU, around 1.8% of the total number of banknotes remained in circulation until 2003. They are practically not used, and the NBU believes that Ukrainians will feel no inconvenience.
Samples of banknotes before 2003 and 25 kopeck coins
At the same time, citizens will be able to exchange 25 kopeck coins and old banknotes, introduced into circulation before 2003, without restrictions and without charge, within the next three years:
- in all Ukrainian banks, within one year from the date of its withdrawal from circulation, until September 30, 2021 inclusive;
- at the National Bank and authorized banks (Oschadbank, PrivatBank, Raiffeisen Bank Aval, FUIB) – within three years from the date of its withdrawal from circulation – until September 30, 2023 inclusive.
In addition, the National Bank of Ukraine is stepping up the withdrawal from circulation of banknotes with denominations of 1 and 2 samples of hryvnia from 2003-2007. The same applies to the yellow 1 hryvnia coin, which was minted until 2018. Starting on October 1, entering the banks, this money will not be returned to circulation, but will be withdrawn and transferred to the National Bank.
The NBU justifies this step because of economic viability. The NBU has already started minting 1, 2, 5 and 10 hryvnia coins, which live between 20 and 25 years.
Unlike the obsolete banknotes and coins with a denomination of 25 kopecks, banknotes with denominations of 1 and 2 hryvnia are yellow 1 hryvnia coins, while they remain valid means of payment. They can be calculated, they do not need to be specially modified. At the same time, their circulation will gradually decrease, and their place will be taken by the corresponding silver coins of 1 and 2 hryvnia denominations of the 2018 model year.
As a reminder, the National Bank is withdrawing from circulation a coin with a denomination of 25 kopecks. As of October 1, the currency of this denomination is no longer legal tender.
Note that the National Bank of Ukraine plans to gradually completely replace paper notes from 1 to 10 UAH with coins. At the same time, the National Bank does not plan to withdraw the 1, 2, 5 and 10 hryvnia banknotes from circulation. As they wear out, they will be replaced in parallel by coins of those denominations that will be put into circulation.
