From August 1, the National Bank of Ukraine (NBU) will begin withdrawing from circulation UAH 500 banknotes of the 2003-2007 model and gradually replace them with new models of 2014 and subsequent years of issue.
The press service of NBU writes about this.
Although there will be fewer UAH 500 banknotes of the old model in circulation, it will still be possible to pay with them without restrictions.
Banknotes will be exchanged to improve the quality of cash in circulation. The old banknotes are worn out, they have been in circulation for almost 18 years. The gradual replacement of banknotes should increase the protection and quality of money in circulation.
From August, Ukrainian banks will not issue old banknotes from cash registers, and NBU will stop supporting bank cash registers with such banknotes.
Therefore, when old-style UAH 500 banknotes get into the bank, they will not be returned to circulation, but will be withdrawn from there and handed over to the National Bank, which will dispose of them.