Changes to Cash Circulation in Ukraine
Businesses across Ukraine, including shops, banks, and service providers, have stopped accepting older-design paper banknotes for the 1, 2, 5, and 10 hryvnia denominations. These notes, from the 2003-2007 design series, have been officially withdrawn from cash circulation and can no longer be used for payments. This policy specifically targets the following notes:
- 1 hryvnia (blue and yellow)
- 2 hryvnia (brown)
- 5 hryvnia (blue)
- 10 hryvnia (red)
These smaller denominations are now exclusively represented by coins. This move is part of a broader, ongoing effort by the National Bank of Ukraine (NBU) to modernize the currency and enhance its security features.
Exchanging Invalid Banknotes
The old notes are being replaced by new ones with enhanced security. The key factor for withdrawal is the physical design of the note, not the specific year printed on it. As the press service of the National Bank of Ukraine (NBU) stated,
"This concerns banknotes of the 2003-2007 design. Stores, banks, and other institutions no longer accept them for payment."
Invalid notes can be exchanged at authorized banks until February 26, 2027. These authorized institutions include:
- PrivatBank
- Raiffeisen Bank
- PUMB
The National Bank of Ukraine itself will exchange these notes without any time limit. As of 2026, the paper banknotes that remain in circulation and are valid for payment are the 20, 50, 100, 200, 500, and 1000 hryvnia denominations.
Representatives of the NBU regulator confirmed that
"The main criterion is the appearance of the banknote, not the year written on it. This means that even if a note was printed later but has the old design, it has still been withdrawn from circulation."
This change to the cash payment system is part of the NBU's overall policy to modernize the national currency and ensure its security. Withdrawing the old banknotes helps reduce opportunities for counterfeiting and improves general confidence in the hryvnia. Citizens should be mindful of the exchange deadlines to avoid financial losses.