Ukraine's Central Bank Phases Out Old Banknotes: What's No Longer in Circulation.

Modernizing Ukraine's Currency in Circulation

According to Novyny.live: The National Bank of Ukraine is gradually withdrawing older coins and paper banknotes from circulation, replacing them with modern fourth-generation notes. This ongoing initiative aims to modernize the country's cash supply and enhance the efficiency of its financial system.

Status as of February 2026

As of February 2026, the withdrawal process has affected 1, 2, 5, 10, 20, 50, 100, 200, and 500 hryvnia banknotes issued between 2003 and 2007. Specifically, the 1 and 2 hryvnia notes ceased being replenished in circulation from October 1, 2020. Furthermore, the 5, 10, 20, and 100 hryvnia notes stopped being replenished from January 1, 2023. Subsequent phases included the 20 and 200 hryvnia notes, which were withdrawn from replenishment on November 1, 2024, and the 500 hryvnia notes, which will be withdrawn from August 1, 2024.

It is important to note that 1, 2, 5, 10, 20, 50, 100, and 200 hryvnia banknotes from pre-2003 issues lost their status as legal tender on October 1, 2020. Citizens can exchange these old notes at the National Bank or authorized financial institutions until the end of the martial law period and for 90 days after its termination. This currency modernization is part of broader economic reforms in Ukraine.

The renewal of Ukraine's cash circulation is a significant step in modernizing the financial system, aimed at bolstering public confidence in the national currency.

Public awareness of these changes is crucial to avoid financial difficulties stemming from the inability to use outdated notes. Given the current situation in the country, timely information on currency updates is particularly relevant for maintaining stability in everyday financial transactions.