On 1 January 2023, the National Bank of Ukraine (the "NBU") will start to gradually withdraw from circulation 5-, 10-, 20- and 100-hryvnia paper banknotes that were designed in 2003 – 2007 (i.e. previous generation banknotes), and will replace them with newly designed coins and new generation banknotes.
The old paper money will be replaced with the following modernized banknotes and newly designed circulation coins:
Why do previous generation banknotes need to be replaced?
The main reasons for this are to enhance the quality of cash in circulation (in view of the wear and tear of previous generation banknotes, which have been circulating for a long time), streamline cash payments, and to make these means of payment more convenient for the general public.
The NBU attaches great importance to the security and quality of cash hryvnias in circulation. Ukrainians must be guaranteed that the cash they receive at retailers, bank cash desks or bank ATMs is legal tender, secure, and of the proper quality.
What is more, the great number of different designs of circulating banknotes of the same face value could confuse people and cause them to waste time when paying in cash.
The gradual replacement of previous generation banknotes with corresponding circulation coins and modernized banknotes will boost the protection and quality of money, while also making payments more convenient for people.
This will not cause any inconvenience, while also benefitting the state, the banks, trade networks, and the general public.
How will the gradual replacement take place?
From the beginning of 2023, the NBU, together with other banks, will start to gradually withdraw these banknotes from cash circulation. In particular:
- Ukrainian banks will not issue these banknotes from their cash desks for any types of cash operations, and
- The NBU will cease to supply these banknotes to bank cash desks.
As a result, when received by banks, previous generation banknotes will be withdrawn from circulation and transferred to the NBU for recycling.
That said, previous generation banknotes will remain legal tender. People will be able to use them to pay for goods and services without any limitations and without having to exchange these banknotes.
At the same time, the amount of previous generation banknotes in circulation will be gradually decreasing, as these banknotes will be replaced with corresponding "silver" 5- and 10-hryvnia coins designed in 2018, and with modernized 20- and 100-hryvnia banknotes, containing a modern design and enhanced security features.
The decision to gradually replace, from 1 January 2023, 5-, 10-, 20- and 100-hryvnia banknotes designed in 2003–2007 (previous generation banknotes) was adopted by NBU Board Resolution #213, dated 4 October 2022, On the Gradual Withdrawal from Circulation of 5-, 10-, 20- and 100-hryvnia Banknotes Designed in 2003–2007.