Ukraine's Central Bank to Withdraw Old Banknotes from Circulation.

Ukraine's Currency Undergoes Modernization

According to Novyny.live: The National Bank of Ukraine (NBU) has announced it will remove specific series of banknotes from active use, rendering them invalid for payments. As of March 2026, the 1, 2, 5, and 10 hryvnia notes will no longer be accepted. This move is part of a broader, ongoing effort to modernize the nation's cash supply and enhance the security of its currency.

Since its introduction, the Ukrainian hryvnia has seen four distinct series of banknotes. Currently, the third and fourth series dominate circulation. Banknotes from the first and second series, issued prior to 2003, are already invalid. Furthermore, notes from the 2003-2007 period have also completely lost their status as legal tender, impacting the overall cash flow.

Specific Banknotes Being Phased Out

The following older-series notes are now slated for withdrawal:

• 20 hryvnia note from the 2003 series
• 50 hryvnia note from the 2004 series
• 100 hryvnia note from the 2005 series
• 200 hryvnia note from the 2007 series
• 500 hryvnia note from the 2006 series

This phase-out will be gradual, and citizens have the opportunity to exchange their old notes for new ones. Exchanging old paper notes for current coins or bills at banks and authorized NBU branches is free of charge.

The banknotes that remain in legal circulation today include: the 20 hryvnia note (2018 series), 50 hryvnia (2019), 100 hryvnia (2014), 200 hryvnia (2019), 500 hryvnia (2015), and 1000 hryvnia (2019). These updates are crucial for maintaining the stability and efficiency of Ukraine's monetary system.

The withdrawal of outdated currency reflects the National Bank of Ukraine's commitment to modernizing the financial system and bolstering confidence in the national currency.

Refreshing the cash supply helps combat counterfeiting and the use of worn-out notes, which in turn can contribute to an improved economic environment. The free exchange service for old banknotes eases the public's transition to the new series and minimizes potential financial inconvenience during this process.