Ukraine's Currency Modernization: Which Old Banknotes Will Be Phased Out Starting 2026

Ukraine's Banknote Replacement Initiative

According to ХВИЛЯ: Beginning March 2, 2026, Ukraine will cease accepting older paper banknotes of smaller denominations, replacing them with metal coins. This change affects 1, 2, 5, and 10 hryvnia notes issued between 2003 and 2007. Concurrently, the National Bank of Ukraine (NBU) is gradually withdrawing older 50 and 200 hryvnia banknotes from the same period. These will be replaced with modern-design banknotes featuring enhanced security features.

This currency modernization is part of a broader effort to strengthen the national financial system. The replacement process has been ongoing in phases since 2020. Banks first stopped recirculating one- and two-hryvnia notes, followed by five- and ten-hryvnia notes in September 2023. Once the update is complete, the hryvnia's range of denominations will consist of 12 items.

The hryvnia's nominal range will reach its most optimal size-just 12 denominations in total.

Oleksii Kozirev, Financial Sector Expert

Following this renewal, Ukraine's coin series will include 10 and 50 kopiyok, and 1, 2, 5, and 10 hryvnia coins. As for banknotes, 20, 50, 100, 200, 500, and 1000 hryvnia notes will remain in circulation. These changes aim to enhance the security and convenience of using the national currency.

Replacing old banknotes with new coins and bills is a crucial part of modernizing Ukraine's financial infrastructure. This move is designed to ensure better protection for the Ukrainian currency, which is particularly important given economic instability and the threat of counterfeiting. Introducing new design elements also aims to increase public trust in the national currency.