Exchange of old dollars: fewer complaints and more new notes
10 February 11:42
The National Bank now receives no more than 10 complaints per month on average related to the refusal or restrictions on the exchange of foreign currency banknotes after a year of their issue. This was reported by the National Bank of Ukraine, Komersant ukrainskyi reports.
In this regard, the NBU recalled that this problem was quite acute in the summer of 2023, and then the regulator took a comprehensive approach to solving it:
▪️ the regulatory framework was clarified, in particular, the list of signs of minor wear and tear of foreign currency banknotes was canceled;
▪️ an information campaign was conducted for citizens to explain their rights in currency exchange transactions;
▪️ banks and non-bank financial institutions were provided with all necessary explanations;
▪️ relevant inspections were carried out: in particular, in 2024, 150 inspections of exchange offices of 17 non-bank financial institutions took place, as a result of which the NBU imposed fines totaling UAH 5.65 million.
As a result, the number of complaints filed by citizens against banks and non-bank currency exchange institutions has decreased by at least five times.
According to the NBU, this gives grounds to state that legal exchange offices licensed by the NBU to conduct currency exchange operations are not abusing this area.
At the same time, the problem that has reappeared in the media may lie in the shadow sector, where institutions that are not licensed by the NBU operate. The only way to combat such illegal exchangers is to involve law enforcement.
The NBU urged citizens to report all violations in the field of currency exchange, including the name and address of the institution, and promised to respond to violations in a principled manner both in relation to supervised financial institutions, which will be subject to adequate enforcement measures, and illegal exchange offices, whose activities will be reported to law enforcement.
What to keep in mind when exchanging foreign currency
The NBU reminded five rules that should be known by those who want to exchange foreign currency banknotes.
1. All foreign currency banknotes whose authenticity is confirmed by counters and detectors must be accepted for exchange without exception.
2. Banks and non-banking institutions are prohibited from refusing to exchange foreign currency that fully complies with the design and security features of foreign central banks and whose authenticity has been confirmed using appropriate equipment.
3. Banks and non-bank institutions are prohibited from imposing restrictions on the denomination and year of issue of foreign currency banknotes that are legal tender in the territory of the relevant foreign state when exchanging currencies.
4. Banknotes that show signs of significant wear and tear should be subject to collection operations. Banks and non-bank institutions that carry out such operations must place a clear list of signs of significant wear and tear of banknotes and collection rates at the cash desk in a place accessible to customers.
5. In the event of a refusal to accept currency for exchange that fully complies with the designs and security features of foreign central banks and whose authenticity has been confirmed using appropriate equipment, consumers may file a complaint with the NBU.
Is there enough cash currency in Ukraine?
The amount of cash foreign currency imported by banks into Ukraine in December 2024 amounted to $1.581 billion, which is 6.9% more than in November ($1.478 billion). This was reported by the National Bank of Ukraine.
In total, banks imported $15.938 billion worth of currencies to Ukraine during the year, which is 68.4% more than in the previous year. Cash dollars were imported for $11.693 billion, cash euros – for $4.208 billion.
The United States announced the issue of a new design of dollars
The first updated bill will be $10. According to Glavkom, citing information from the U.S. Bureau of Engraving and Printing, dollar bills will have a new design and this is done to reduce the risk of currency counterfeiting.
The updated $10 bill will be put into circulation in a year, in 2026. In 2028, $50 banknotes will be issued. in 2030 – $20 bills. In two more years, the redesign will reach $5. in 2034, new $100 bills will become available.
American experts emphasize that they are acting in accordance with the rules according to which the following series of dollar bills remain legal tender: 1928, 1934, 1950, 1963, 1969-1988, 1990-1995, 2006, 2004-2021.
