National Bank of Ukraine reported on the beginning of the gradual replacement of old-style 50 and 200 hryvnia banknotes with new, more modern banknotes. From November 1 of this year, banknotes issued in 2003-2007 will gradually be replaced by banknotes of the model of 2014 and subsequent years.
However, the NBU noted that the old banknotes will remain a valid means of payment, and citizens will be able to continue using them without any restrictions. They do not need to be specially exchanged.
The main purpose of this decision is to improve the quality of cash in circulation. The replacement of 50 and 200 hryvnia banknotes will complete the process of updating the monetary series, which will allow the use of banknotes of the modern generation only.
“The National Bank is working on optimizing cash circulation, gradually replacing banknotes of previous years with more secure and modern ones”, – the NBU explains.
The replacement process will take place as follows:
- Banks will no longer issue old banknotes during cash transactions.
- The NBU will stop supplying these banknotes to banks, debt collectors and cash companies.
- Banknotes that will end up in banks will be withdrawn from circulation and handed over to the National Bank for disposal.
