500 hryvnia banknotes of the old model will be withdrawn from circulation
22 July 2024 15:30
Starting in August, the National Bank will begin withdrawing from circulation 500 hryvnia banknotes of the 2003-2007 model (old model) with the aim of gradually replacing them with banknotes of the modern generation (model of 2014 and subsequent years of issue). This is reported by Komersant ukrainskyiKomersant.Info with reference to the NBU press service.
It is noted that the old-style 500-hryvnia banknotes will remain a valid means of payment. Ukrainians will be able to continue paying with them without restrictions, they do not need to be specially exchanged.
Why replace banknotes of the previous generation?
As the NBU explained, the main goal of such a decision is to improve the quality of cash in circulation, taking into account the wear and tear of old-style 500-hryvnia banknotes, which have been in circulation for almost 18 years, in particular, more than the last eight years, at the same time as banknotes of the modern generation, the NBU added .
“For the National Bank, it is important that all the national currency of Ukraine in circulation is reliable and of high quality. Ukrainians should be sure that the cash received in the retail network, bank cash registers or in their ATMs is really payable, protected and of proper quality. The gradual replacement of old-style banknotes will increase the protection and quality of money in circulation and make payments more convenient for citizens. This will not cause any inconvenience,” the National Bank said in a statement.
How will the gradual replacement take place?
It is noted that from August 1, the NBU, together with banks, will gradually withdraw these banknotes from cash circulation, in particular, banks of Ukraine will not issue such banknotes from cash registers for all types of cash transactions. Also, the National Bank will stop supporting bank cash registers with such banknotes.
“As a result, upon reaching the banks, old-style 500-hryvnia banknotes will no longer be returned to circulation, but will be withdrawn from circulation and transferred to the National Bank for further counting and disposal. At the same time, the replacement of old-style 500-hryvnia banknotes with modern ones with a strengthened protection system will not affect citizens’ cash settlements, they do not need to take additional measures for exchange,” the NBU said.
It should be noted that starting from October 1, 2020, 1 and 2 hryvnia banknotes of the 2003-2007 models will be gradually withdrawn from circulation, and from January 1, 2023 – 5, 10, 20, and 100 hryvnias of the 2003-2007 models and their replacement with circulation coins. in denominations of 1, 2, 5 and 10 hryvnias of the 2018 model and banknotes in denominations of 20, 50, 100, 200, 500 and 1,000 hryvnias of the model of 2014 and subsequent years of issue.
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