The National Bank of Ukraine (the NBU) has extended the deadline for exchanging low-denomination coins and old-design hryvnia banknotes that were issued into circulation before 2003, ceased to be legal tender, and are being withdrawn from circulation.
How long can you exchange your money?
Low-denomination coins and old-design hryvnia banknotes that were issued into circulation before 2003 will be exchanged as long as martial law is in effect in Ukraine, and for three months (90 days) after martial law is lifted.
These coins and banknotes are as follows: 1-, 2-, 5- and 25-kopiika coins and all 1-, 2-, 5-, 10-, 20-, 50-, 100- and 200-hryvnia banknotes that were issued before 2003. These banknotes and coins have been withdrawn from circulation for a long time, and they are no longer accepted for cash payments for goods and services.
The extended deadline will give Ukrainians more time to exchange their money. This is especially important for Ukrainians who were forced to leave their homes fleeing the war, and for those who are in temporarily occupied territories.
Where can the money be exchanged?
Low-denomination coins and old-design hryvnia banknotes that were issued into circulation before 2003 can be exchanged free of charge and without any limitations:
- at NBU branches:
- in the city of Kyiv at 2A, Kontraktova Square
- in the city of Dnipro at 13, Voskresenska Street
- in the city of Lviv at 4, Kopernyka Street
- in the city of Odesa at 8, Rishelievska Street
- in the city of Kharkiv at 1, Teatralna Square
- in the city of Khmelnytskyi at 91, Volodymyrska Street and
- in some branches of the following authorized banks – Oschadbank, PrivatBank, Raiffeisen Bank, and in PUMB Bank. Up-to-date information on which branches and outlets will exchange money can be found on the official websites of these banks.
Old money can be exchanged for legal tender coins and banknotes of all denominations, and in amounts that are divisible by 10 kopiikas (for small coins).
How many old coins and banknotes are still in circulation?
At present, about 7.2 billion units of 1- 2-, 5- and 25-kopiika coins are still in circulation.
Overall, almost 220 million of these coins have been exchanged since they started to be withdrawn from circulation. In particular, last month people exchanged over 3 million units of these coins.
The number of circulating old-design banknotes that were issued into circulation before 2003 is very small – about 1.5% of the total number of circulating banknotes. In 2020–2023, 400,000 units of these banknotes were exchanged, out of which 8,400 were exchanged in September 2023.
The 1, 2, and 5-kopiika coins ceased to be legal tender in Ukraine on 1 October 2019. These coins are not accepted for cash payments, and are being withdrawn from circulation. On 1 October 2020, the NBU started to withdraw 25-kopiika coins from circulation and the process of withdrawing all of the 1-, 2-, 5-, 10-, 20-, 50-, 100- and 200-hryvnia banknotes that were issued before 2003 is being completed.
The decision to withdraw the above banknotes and coins from circulation is part of the NBU’s comprehensive solution that aims to optimize the denominations of hryvnia banknotes and coins, with a view to enhancing the protection and quality of money and streamlining cash payments.
The decision to extend the deadline for exchanging low-denomination coins and old-design hryvnia banknotes that were issued into circulation before 2003 is set forth in NBU Board Resolution No. 119, dated 28 September2023, On Amendments to Certain Regulations of the National Bank of Ukraine, which came into effect on 28 September 2023.