Hryvnias being withdrawn from circulation: what you need to know

The National Bank of Ukraine has decided to finally withdraw previously used paper hryvnias from circulation, replacing them with metal counterparts.

These banknotes are no longer used in settlements, as they have lost the status of legal tender. It is noted that these are old banknotes issued in 2003–2007, in particular in denominations of 1, 2, 5 and 10 hryvnias.

The regulator explains this decision by the disappearance of these banknotes from everyday circulation. They are almost not used in trade, and their service life is short – about two and a half years. Because of this, the remains of such banknotes often show signs of wear.

The withdrawal of paper hryvnias took place gradually: first, in September 2020, banknotes in denominations of 1 and 2 hryvnias began to be withdrawn from circulation, and from the beginning of 2023 – 5 and 10 hryvnias.

They were replaced by coins of the same denominations, which have been actively used in payments for several years. The NBU notes that the transition to metal money reduces the costs of their production, transportation and storage, and also improves the quality of cash in circulation.

Citizens can exchange old banknotes for new coins in banks free of charge until the end of February 2027. In several large banks, the exchange period has been extended until 2029, and in the National Bank this service remains open without thermal restrictions. There are also no restrictions on the amount of exchange.