Ukraine’s Central Bank Begins Phasing Out Old 50 and 200 Hryvnia Notes with 2014 Series Replacements

Phased Replacement of Older Banknotes Underway

According to НБУ: The National Bank of Ukraine (NBU) has initiated a gradual swap of its older 50 and 200 hryvnia banknotes for updated versions issued in 2014. Announced in October 2024, this multi-year process spans from 2023 through 2026. Throughout the transition, the older notes will remain valid for payments until they are officially withdrawn.

According to the exchange schedule, beginning January 1, 2023, the NBU started exchanging 20 and 100 hryvnia notes printed between 2003 and 2007. Following this, the 500 hryvnia notes became eligible for replacement starting August 1, 2024. The replacement of the older 50 and 200 hryvnia notes is set to commence on November 1, 2024. It is important to emphasize that these older notes continue to be accepted for transactions during the exchange period.

Restrictions and Withdrawal of Older Banknotes

Banks have ceased distributing old series notes for cash transactions, and the NBU has stopped supplying them to banks, cash-in-transit, and cash processing firms. All older notes collected by banks are sent back to the NBU for destruction. Withdrawal of 1, 2, 5, and 10 hryvnia notes was completed on March 2, 2026, with coins now replacing those denominations.

Holders of old 1, 2, 5, and 10 hryvnia notes can exchange them at the National Bank free of charge. Authorized banks will accept these notes for exchange until February 28, 2029, while commercial banks across Ukraine will do so until February 26, 2027.

The replacement of outdated banknotes is part of the NBU’s broader strategy to enhance and stabilize Ukraine’s cash circulation system.

This multi-stage currency modernization effort aims to improve cash management, increase security features, and offer greater convenience for Ukrainian citizens. Free exchange options help protect the purchasing power of the currency and support financial stability. Clear communication to all market participants is vital to ensure a smooth transition and prevent confusion during this currency upgrade.