Changes Planned for Ukraine’s Currency

According to local reports, the National Bank of Ukraine (NBU) is making changes to the denominations of hryvnia (UAH) banknotes, adapting to the changing financial habits of Ukrainians.

Demand for UAH 200 banknotes has decreased by nearly a quarter in the last year, but is up for the highest denomination, the UAH 1,000. Part of the reason is the ongoing military situation, which is resulting in people using, and storing, the high value denominations. Demand for the smallest denominations, such as UAH 10 and 5 banknotes, is also declining.

The NBU is also planning to stop minting the lowest denomination 10 kopeck coins and will start withdrawing these from circulation from this October.

Around 4.1 billion of the 5.5 billion coins in circulation are 10 kopecks. They have lost any purchasing power, said the NBU, and their r withdrawal will save on production, transport, storage and processing costs.

Rounding rules will be applied. The coins will remain legal tender and can still be used in transactions, but will not be handed out as change. Their withdrawal will affect cash transactions only.