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National Bank to introduce new coins to replace banknotes

National Bank to introduce new coins to replace banknotes

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The National Bank of Ukraine (NBU) is going to present coins of new denominations – two, five and 10 hryvnias, as well as a one-hryvnia coin on 14 March.
“In future, these coins will replace banknotes of the same denominations that are currently in circulation,” the central bank said in a statement on Monday evening, Interfax-Ukraine reports.

The regulator said that Ukrainians will still be able to use coins and banknotes simultaneously until the coins replace the banknotes over time.
According to the institution, the replacement of domestic currency series is a planned measure, which began with the 100-hryvnia banknote of the 2014 design, which was put into circulation on 9 March 2015. Presently, the largest denomination of the coin in Ukraine is one hryvnia.

In mid-November 2017, the National Bank of Ukraine announced it was considering the possibility of withdrawing one kopeck, two kopecks, five kopecks and 25 kopecks from circulation within the country. The central bank said that only 10 kopecks and 50 kopecks are expected to remain in circulation, and rounding up would be used in payment for services and commodities.
The one-kopeck coin is a coin of the smallest denomination currently in circulation. It is one-hundredth part of the monetary unit of Ukraine, the hryvnia. Small coins worth 1, 2, 5, 10, 25 and 50 kopecks were put into circulation on 2 September 1996.
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