Starting November 1, Ukraine will begin phasing out old banknotes of two denominations from circulation.

The National Bank of Ukraine will begin the gradual withdrawal of 50 and 200 hryvnia banknotes from the 2003-2007 series starting November 1. These notes will be exchanged for banknotes of the same denominations from the modern series issued after 2014.

This information was reported by RBK-Ukraine citing the press service of NBU.

According to the NBU, citizens do not need to exchange these notes specifically. They can continue to use the old series banknotes for transactions without restrictions, as they will remain valid means of payment.

How the exchange will take place

The NBU, in collaboration with banks, will gradually withdraw these banknotes from circulation, specifically:

• Banks will not dispense these banknotes from their cash registers for any cash operations;
• The NBU will stop supplying these banknotes to banks, cash-in-transit companies, and cash processing firms.

Once the 50 and 200 hryvnia banknotes from the old series enter banks, they will not be reintroduced into circulation but will be withdrawn and transferred to the NBU for further processing and disposal.

Why the banknotes are being replaced

The NBU is systematically replacing all previous series of banknotes with more modern and secure ones.

The replacement of the 50 and 200 hryvnia banknotes from the old series will complete this process. Consequently, the hryvnia banknote and coin series will contain only currency from the modern generation. This will enhance the quality and reliability of the circulating national currency.

This process is gradual and does not cause inconvenience for cash transactions, benefiting the state, banks, retail networks, and citizens alike.

Currently, the gradual withdrawal and replacement of banknotes of the following denominations is ongoing:

• 1 and 2 hryvnias from the 2003-2007 series – starting October 1, 2020;
• 5, 10, 20, and 100 hryvnias from the 2003-2007 series – starting January 1, 2023;
• 500 hryvnias – starting August 1, 2024.

It is worth noting that as of October 1, 2024, there were 2.6 billion banknotes in circulation in Ukraine, amounting to a total of 788.7 billion hryvnias.

The most common banknotes in circulation were 500 hryvnias – totaling 711.2 million pieces (27.3% of the total).

The share of 50 hryvnia banknotes is 4.5% (116 million pieces), while 200 hryvnia banknotes account for 16.3% (425.9 million pieces).