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Ancient hryvnias, which are withdrawn from circulation in Ukraine. Photo: Pixabay
Today, October 1, 25 kopeck coins and old banknotes issued before 2003 were withdrawn from defense in Ukraine.
“Strana” tells its readers what kinds of hryvnias can no longer be paid and what those who have that money will be like.
What bills and coins will be prohibited
A month ago, the National Bank officially recalled: a number of coins and paper notes from the beginning of the new month will no longer be considered a unit of payment. That is, you cannot pay with them in stores, pharmacies, coffee shops and other establishments.
The withdrawal of this or that money from circulation is a common process. It is related to the fact that some money has become obsolete “physically” (they have not been issued for a long time, are spent and are rarely used) and arithmetically (there are no longer such prices to calculate).
The collage published below shows all the notes and coins withdrawn from circulation. Its denomination: one, two, five, ten, twenty, fifty, one hundred and two hundred hryvnia, as well as 25 kopecks.
Obsolete notes from one hryvnia to ten denominations listed below are already issued only in the form of coins.
How many people have that amount of money left?
The ban on the use of hryvnias issued before 2003 was gradually introduced. And they were gradually withdrawn from circulation over the years. For example, if a person settled with them in a bank, then they did not circulate again, but were removed.
According to the latest data, less than 2% of the old banknotes remained in circulation. Economic journalist and expert Andrey Blinov wrote on Facebook that there are only ten hryvnia bills in official circulation.
We focus our special attention on the 25 kopeck coin. They also stop taking it as of October 1, 2020.
25 kopecks became obsolete after 1, 2, 5 kopeks were withdrawn from circulation, after which prices were rounded to 10 kopecks. As a result, only an even quantity with a quarter could be calculated. It is due to the lack of “independence” that this coin is withdrawn from circulation.
The National Bank explained the withdrawal of the small hryvnias and the introduction of the 1000 hryvnia note mainly due to the fact that the income of the Ukrainians had increased. In this sense, other money is needed to pay wages.
However, a small number of citizens can boast of a strong and considerable increase in income. But inflation and, as a result, the devaluation of the hryvnia have been watched by everyone in recent years. And most likely, these reforms are related to the depreciation of money.
What to do with 25 kopecks and old bills
Those Ukrainians who have 25 kopecks and old bills left will not lose their money.
Citizens will be able to exchange them for new ones without restrictions and free of charge for the next one and three years:
- In commercial banking it will be possible to do so within a year, that is, until September 30, 2021 inclusive.
- at the National Bank and authorized banks (Oschadbank, PrivatBank, Raiffeisen Bank Aval, FUIB) – for three years, that is, until September 30, 2023 inclusive.
Even though the regulator gives a lot of time, it is still not worth delaying. Look at old jackets, purses, bags, maybe old hryvnias lie there. They will be a good find.
However, if you want, you can save them for a profitable sale. However, it will not take place anytime soon. On numismatic sites it is indicated that, for collectors, the banknotes are on average 20 years or more.
