From March 2 — coins only: how and where to exchange banknotes
20 February 18:34
Starting March 2, 2026, banknotes in denominations of 1, 2, 5, and 10 hryvnia issued between 2003 and 2007 will be officially replaced by corresponding coins. This was reported by the press service of the National Bank of Ukraine, according to "Komersant Ukrainian".
From that date, these banknotes will no longer be accepted for payment for goods and services, as well as for any financial transactions.
Where and how to exchange
The exchange will be free of charge and without restrictions on the amount:
- at all branches of Ukrainian banks — until February 26, 2027 inclusive;
- at authorized banks — Oschadbank, PrivatBank, Raiffeisen Bank, PUMB — until February 28, 2029 inclusive;
- at the NBU itself — currently indefinitely.
Thus, the regulator is allowing a long transition period for the population.
Why banknotes are disappearing
The National Bank explains that small denomination banknotes have effectively gone out of active use and are physically worn out. Their average shelf life of about 2.5 years has long since expired.
The gradual withdrawal of such banknotes began in 2020.
Coins of the corresponding denomination, on the other hand, have been introduced in stages since 2018. Their service life is significantly longer — approximately 20–25 years — which makes them more cost-effective for the state.
The economics of small change
The transition to coins for small denominations is part of a broader strategy to optimize cash circulation. Minting coins is more expensive at the outset, but due to their longer service life, they need to be replaced much less frequently than paper banknotes.
In addition, the role of small bills is gradually diminishing amid the growth of cashless transactions. In 2025, most payment card transactions in Ukraine remained cashless, further reducing the demand for small denomination paper money.
What this means for Ukrainians
The changes will be almost imperceptible for everyday payments — 1, 2, 5, and 10 hryvnia coins have been in circulation for several years.
In fact, this is the completion of a long process: small-denomination paper hryvnia, familiar to Ukrainians since the early 2000s, are finally becoming part of the history of cash circulation.
