Phasing Out Old Banknotes
The National Bank of Ukraine is continuing its process of withdrawing older paper banknotes from circulation. The notes in question are the 1, 2, 5, and 10 hryvnia denominations issued between 2003 and 2007. This gradual replacement of small-denomination notes is a common practice for central banks to modernize currency and improve security. According to the new rules, these old notes can be exchanged at any authorized commercial bank until February 26, 2027, while the National Bank itself will accept them indefinitely.
The replacement initiative for these older banknotes began gradually back in 2020. Information indicates that banks had long ceased recirculating these small notes even before their official withdrawal. Among the authorized banks providing exchange services are:
- Oschadbank
- PrivatBank
- Raiffeisen Bank
- PUMB
The deadline for exchanging notes at these specific institutions is set for February 28, 2029.
Oleksiy Kozirev noted: 'If you still have these banknotes, there is no need to worry or think that this money is lost to you.'
He added: 'Your money will not be affected.' Consequently, citizens have the opportunity to exchange their old notes for new ones in a manner convenient for them.
Withdrawing the old banknotes is a significant step in modernizing the monetary system and enhancing the quality of currency in circulation. Replacing these notes helps reduce risks associated with counterfeiting and the physical wear of money. The public has been given ample time to complete the exchange, which helps prevent panic and unnecessary difficulties during the process. This approach also demonstrates the stability of the financial system and the readiness of banks to support the population during the transition to the new currency.