Ukraine's Central Bank to Phase Out Old Hryvnia Notes: Exchange Details for 1, 2, 5, and 10 Notes.

Ukraine's Old Banknote Withdrawal

According to TSN.ua: Beginning March 2, 2026, the National Bank of Ukraine (NBU) will start withdrawing older 1, 2, 5, and 10 hryvnia banknotes, specifically those issued between 2003 and 2007, from circulation. This move is part of a broader modernization of the country's currency system. These paper notes will be replaced with metal coins to enhance their durability and ease of use in daily transactions.

These old banknotes will cease to be legal tender at the start of spring 2026. The exchange of old notes for new coins or current banknotes will be free of charge and will run until February 26, 2027. Authorized institutions will also provide an exchange service until February 28, 2029. Crucially, the National Bank of Ukraine itself will offer an unlimited, no-fee exchange service indefinitely.

Enhanced Durability and Reliability

The average lifespan of the old paper banknotes is only about 2.5 years, whereas the new metal coins are expected to last between 20 and 25 years. This transition is designed to increase the reliability and convenience of cash transactions across Ukraine.

What changes for everyday payments? Introducing metal coins in place of the old low-denomination notes will reduce the recurring costs of printing new paper money and help mitigate inflationary risks. Ukrainian citizens will benefit from a more robust and long-lasting means of payment.

Where and how can you exchange the old notes? Citizens can exchange the old banknotes at authorized institutions, as well as directly at the National Bank of Ukraine, where the service is both free and offered without a time limit. This provides ample opportunity for a smooth transition to the updated currency system.

This decision by the National Bank of Ukraine represents a significant step in modernizing the country's monetary circulation.

Replacing the old banknotes with metal coins will not only extend the functional life of the currency but also lower production costs over time. The new exchange framework, offering free and indefinite services, will allow Ukrainians to adapt to the changes in the monetary system with minimal disruption.