Ukraine's Central Bank to Phase Out Old Hryvnia Notes: Exchange Details and Timeline

Withdrawal of 1, 2, 5, and 10 Hryvnia Banknotes

According to ХВИЛЯ: The National Bank of Ukraine (NBU) will begin withdrawing paper banknotes in denominations of 1, 2, 5, and 10 hryvnias, issued between 2003 and 2007, from circulation starting March 2, 2026. This currency modernization is a common practice globally to improve cash handling efficiency and reduce costs. Citizens will be able to exchange these old notes at any bank until February 26, 2027. At authorized banks, including Oschadbank, PrivatBank, Raiffeisen Bank, and PUMB, the exchange period will be extended until February 28, 2029. The National Bank itself will accept these notes for exchange indefinitely.

Changes to the Monetary System

Since September 2023, banks have already ceased recirculating 5 and 10 hryvnia banknotes. Furthermore, the NBU is also phasing out older 50 and 200 hryvnia notes from the 2003-2007 series. Upon completion of this process, the hryvnia's range of denominations will consist of 12 items. This will include six coin denominations: 10 and 50 kopiyok, and 1, 2, 5, and 10 hryvnias, alongside six banknote denominations: 20, 50, 100, 200, 500, and 1000 hryvnias.

Oleksiy Kozirev, a representative of the National Bank, stated: 'I want to reassure people because the money we are talking about now will be available for exchange for a very long time to come.'

The withdrawal of old banknotes is part of the National Bank's broader strategy to modernize cash circulation and optimize the monetary system. Replacing paper money with coins can improve cash processing efficiency, reduce the costs of printing new banknotes, and promote financial system stability. Citizens have the opportunity to exchange old banknotes within the specified deadlines, which helps avoid financial difficulties during the transition to the new forms of currency.

Oleksiy Kozirev also assured that 'Your money will not be affected.'