Starting March 2, banknotes in denominations of UAH 1, 2, 5, and 10 will no longer be accepted for payment. They will be replaced by coins.
This was reported by the National Bank of Ukarine (NBU).
Banknotes will be withdrawn from circulation, they cannot be used for cash payments, and all retail chains, service enterprises, banks and financial institutions will not accept them for payments for goods, services and payment transactions.
You can exchange banknotes for coins:
- in all branches of banks in Ukraine — until February 26, 2027;
- in Oschadbank, PrivatBank, Raiffeisen Bank and FUIB — until February 28, 2029;
- at the National Bank — currently indefinitely.
Why is this necessary?
NBU explains that banknotes in denominations of UAH 1, 2, 5 and 10 are currently almost not found in retail trade, citizens almost do not pay with them. Their average shelf life is about 2.5 years. That is, in fact, banknotes of these denominations that were still in circulation are worn out.
They have been gradually withdrawn from circulation for almost six years: from October 2020, UAH 1 and 2 banknotes were withdrawn, and from January 2023, UAH 5 and 10 banknotes.
Coins in denominations of UAH 1, 2, 5, and 10 have been in circulation for many years. Unlike paper money, they can last 20–25 years.
The switch to coins reduces cash circulation costs, replaces worn-out banknotes, and makes payments more convenient for the public and businesses.
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