Contract of the National Bank of Ukraine with Monea Coin Technology
The National Bank of Ukraine has signed a contract with Monea Coin Technology s.r.o. for the supply of an automated system for the destruction of coins worth €252,300. This agreement was concluded on December 30 and is part of the process of transitioning from 'kopecks' to 'hryvnias'. It is noted that the system has a performance of 300 to 1800 kg per hour and weighs about two tons.
The equipment includes a loading hopper with a volume of 100-200 liters, allowing for the loading of up to 500 kg of coins for destruction. According to the contract, the warranty period for the operation of the system is one year. The planned destruction of coins concerns coins with a diameter of 16 mm to 26 mm and a thickness of 1.2 mm to 3 mm.
Transition to the new denomination 'hryvnia'
Currently, coins with denominations of 10 and 50 kopecks remain in circulation. The gradual withdrawal of 10 kopeck coins will begin on October 1, 2025. It is worth noting that the change coins of 1, 2, 5, 10, 25, and 50 kopecks were introduced into circulation on September 2, 1996. However, the 1, 2, and 5 kopeck coins were withdrawn from circulation on October 1, 2019, and the 25 kopeck coins were withdrawn on October 1, 2020.
Andriy Pyshny, a representative of the National Bank, noted that the transition from 'kopecks' to 'hryvnias' does not require additional expenses from the state budget.
Also, according to Bill No. 14093, the coins 'kopeck' and 'hryvnia' will coexist in circulation for some time, allowing for a smooth implementation of this process.
This contract is an important step in reforming Ukraine's monetary system, aimed at simplifying cash transactions and reducing costs associated with managing small coins. The transition to the new denomination 'hryvnia' may positively affect the economy, as it will reduce the number of small coins in circulation, thereby lowering the costs of their production and storage. Importantly, this process is being implemented without additional expenditures from the state budget, underscoring the efficiency of public financial management.