Starting today, 1, 2, 5, and 10 hryvnia banknotes are no longer in circulation: how and where to exchange them
2 March 09:55
Starting Monday, March 2, banknotes with denominations of 1, 2, 5, and 10 hryvnia issued between 2003 and 2007 will officially cease to be legal tender. This was reported by "Komersant Ukrainian" with reference to the National Bank of Ukraine.
From now on, shops, pharmacies, banks, and other service establishments will not accept these paper bills for payment for goods or services.
Which banknotes are being withdrawn from circulation
This applies to paper money with the following denominations:
- 1 hryvnia
- 2 hryvnia
- 5 hryvnia
- 10 hryvnia
from 2003–2007.
Instead, only the corresponding coins with denominations of 1, 2, 5, and 10 hryvnia will remain in circulation.
How long can banknotes be exchanged
The National Bank of Ukraine has emphasized that all withdrawn banknotes can be exchanged free of charge:
- until February 26, 2027 inclusive — in all banks of Ukraine;
- until February 28, 2029 inclusive — at authorized banks.
The exchange is free of charge and without restrictions on the amount.
Where exactly can money be exchanged
For three years, banknotes will be accepted by the following banks:
- Oschadbank
- PrivatBank
- Raiffeisen Bank
- FUIB
These institutions will continue to exchange banknotes until the end of February 2029.
Why the NBU is withdrawing paper money
The National Bank explains that paper small denomination banknotes wear out on average in 2.5 years, while coins can last 20–25 years.
Withdrawing banknotes will allow:
- reduce government spending on printing money;
- reduce the costs of transporting and storing cash;
- improve the quality of banknotes in circulation.
The decision is part of a long-term policy to optimize cash circulation.
What will change for Ukrainians
For citizens, this means:
- 1, 2, 5, and 10 hryvnia paper bills can no longer be used for payments;
- only coins of the corresponding denominations will remain in wallets;
- old banknotes can still be exchanged without penalties or additional conditions.
