There is less cash in Ukraine. But this is not a cause for concern
14 April 14:21
As of April 1 of this year, the amount of cash in circulation in Ukraine has decreased by 2.1% (or UAH 17.3 billion) since the beginning of the year and amounted to UAH 805.1 billion. This was reported by the National Bank, according to Komersant ukrainskyi.
The NBU explained that this is due to seasonal factors, as traditionally in the first quarter of the year, cash issued in previous periods is withdrawn from circulation.
How much cash is currently in use by Ukrainians?
As of April 1, 2025, there were 2.5 billion banknotes in cash circulation for a total amount of UAH 796.8 billion, as well as 14.9 billion coins (excluding commemorative and investment coins) for a total amount of UAH 8.2 billion.
Interestingly, as of April 1, 2025, there were 61 banknotes and 187 payment bills and coins in circulation per capita in Ukraine. This is almost as much as it was on January 1, 2025 – 63 banknotes and 186 coins, respectively.
What are the most and least common banknotes and coins?
The largest number of 500-hryvnia banknotes and 10-kopiika coins are in circulation (26.8% and 27.7% of the total number in circulation, respectively).
The least amount of banknotes in cash circulation is 50 hryvnia denominations and 10 hryvnia coins (4.4% and 1.9% of the total amount in circulation, respectively).
As explained by the NBU, the dynamics of banknotes and coins in circulation shows that the highest growth rate in the first quarter of 2025 was for banknotes with a denomination of 1,000 hryvnias and coins with a denomination of 10 hryvnias. Their number in circulation increased by 3% and 5.4%, respectively, compared to the beginning of this year.
Why are some coins and banknotes going out of circulation?
Banknotes have a limited lifespan, as the Garant.money service reminds us. Paper bills wear out in an average of 2-5 years, depending on the quality of the material and the intensity of use. Coins last longer, but they also lose the clarity of their designs over time and become inconvenient for payments.
Also, when prices for goods and services rise, small coins and notes lose their purchasing power and become inconvenient.
Central banks can change the structure of cash circulation by simplifying payment transactions and reducing the cost of minting and printing money. For example, they may withdraw denominations or outdated designs of banknotes and iron coins that are not frequently used.
In addition, the introduction of new, more secure banknotes makes them harder to counterfeit. Older designs are gradually being withdrawn from circulation, replaced by more reliable versions.
What banknotes and coins have been or are being withdrawn from circulation in Ukraine
The NBU regularly updates banknotes and coins, and old denominations and designs are gradually withdrawn from circulation. This applies to:
– all banknotes issued before 2003;
– uAH 1, 2, 5 and 10 banknotes of the old design, which are being replaced with coins;
– 100, 200, and 500 hryvnia banknotes issued in 2003-2006, which are being replaced by new ones with improved security.
– 1, 2, 5 and 25 kopiykas are being withdrawn from circulation, and the old 1 and 2 hryvnia coins are being gradually replaced with new ones.
Exchange period for coins and banknotes issued before 2003 extended
The NBU has extended the deadline for exchanging small-denomination coins and old-style hryvnia banknotes issued before 2003 that are being withdrawn from circulation and are no longer legal tender.
They can be exchanged until the end of martial law in Ukraine and for another three months (90 days) after its termination or cancellation.
The NBU emphasized that this is especially important for citizens who were forced to leave their homes because of the war or are in the temporarily occupied territory.
We are talking about 1, 2, 5, and 25 kopiika change coins and 1, 2, 5, 10, 20, 50, 100, and 200 hryvnia banknotes of all years of issue before 2003. They have been withdrawn from circulation for a long time and are not accepted for cash payments for goods and services.
Where you can make an exchange
You can exchange small denomination coins and old hryvnia banknotes issued before 2003 free of charge and without restrictions at the NBU branches. The list is available here.
You can also do this at a number of branches of authorized banks: JSC Oschadbank, JSC CB PrivatBank, JSC Raiffeisen Bank, JSC FUIB. For up-to-date information on which branches and outlets you can exchange your coins, please visit the official websites of these banks.
The exchange is carried out for other coins and banknotes of all denominations in circulation in multiples of 10 kopecks (for change coins).
NBU wants to replace “kopiyka” with “shag”
National Bank Governor Andriy Pyshnyi considers it expedient to make a decision as soon as possible to replace the kopiyka coins named after the Russian-Soviet pattern with the Ukrainian shag. And the NBU is asking the parliament and other authorized institutions to support the initiative as soon as possible.
The head of the regulator said this during a panel discussion on “Money as a Symbol of Time and the Voice of the Nation” held as part of the artistic and educational project of the NBU and the National Center “Ukrainian House” “Hryvnia. More than Money”.
The NBU Governor reminded that the NBU proposes to change the official name of the small change coin from “kopiika” to the Ukrainian equivalent “shag” in order to return to the historical origins of the national monetary system.
According to him, there are currently 14 billion change coins in circulation, and the National Bank annually mints 20 million 50 kopiyka coins. Instead, it could switch to minting an updated “shag” change coin.
