The NBU withdraws small coins from circulation
This year the NBU also plans to put in circulation a coin of 5 hryvnia denomination, and since October 1, 2019, to withdraw from circulation 1-, 2- and 5- kopiika coins. These coins will cease to be a payment instrument within Ukraine as well as the ones won't be able to be settled in the stores and other institutions.
At the same time, the public will be able to exchange these coins without limitations and free of charge for coins and banknotes of other denominations during the next three years:
- until September 30, 2020 inclusive – in any Ukrainian bank;
- until September 30, 2020 inclusive – at the NBU and authorized banks (Oschadbank, PrivatBank, Raiffeisen Bank Aval).
In addition, a gradual withdrawal of 25 kopiika coins will start. Unlike 1, 2, and 5 kopiikas, 25 kopiikas will for now remain in cash circulation. You can use them for payments. But these coins, if received by banks, won't be returned into circulation and gradually their number will become further less..
The National Bank believes that all these measures will increase the convenience of settlements between Ukrainians, as well as cause to greater budget savings. In particular, due to the fact that the state will reduce the costs of coinage of new coins of small denominations.
When these coin withdrawals and the introduction of the new denomination banknote have been completed, the hryvnia denomination series will be reduced from 17 to 12 denominations.