Starting today, the NBU will start withdrawing old-style 50 and 200 hryvnia banknotes from circulation
1 November 01:09Starting November 1, the National Bank will gradually withdraw from circulation 50 and 200 hryvnia banknotes issued in 2003-2007. This was reported by Komersant Ukrainian with reference to the NBU.
It is noted that such a procedure is being implemented on an ongoing basis to improve the quality of cash in circulation and replace worn-out banknotes with more modern and secure ones, the NBU said.
The old-style banknotes will remain valid as a means of payment and do not need to be exchanged.
How will the gradual replacement take place?
Starting from November 1, 2024, the NBU, together with banks, will gradually withdraw these banknotes from cash circulation in Ukraine, in particular
- banks will not issue such banknotes from their cash desks for all types of cash transactions;
- The NBU will stop issuing these banknotes to banks, cash collection companies, and cash handling companies.
Once in the hands of banks, the old-style 50 and 200 hryvnia banknotes will no longer be returned to circulation, but will be withdrawn and transferred to the NBU for further recounting and disposal.
At the same time, the replacement of the old 50 and 200 hryvnia banknotes with modern ones with enhanced security will not affect cash payments, and citizens do not need to take additional measures to exchange them.
The NBU reminded that the gradual withdrawal from circulation and replacement of banknotes in the following denominations is already underway:
- → UAH 1 and 2 of the 2003-2007 design – from October 1, 2020
- → UAH 5, 10, 20, and 100 of the 2003-2007 design – from January 1, 2023;
- → UAH 500 – from August 1, 2024.
In October, the NBU submitted a package of bills to the Verkhovna Rada to change the name of Ukraine’s banknote.
If the bills are supported by the parliament, Ukraine will have steps instead of kopiykas. At the same time, no one will confiscate the already minted coins; they will remain in circulation alongside the new steps.