Ukraine's National Bank to Phase Out 1, 2, 5, and 10 Hryvnia Banknotes: Exchange Deadlines Announced.

Withdrawal of Old Banknotes from Circulation

According to Novyny.live: The National Bank of Ukraine (NBU) has announced it will remove 1, 2, 5, and 10 hryvnia banknotes, originally issued between 2003 and 2007, from active circulation. Starting March 2, 2026, these notes will no longer be legal tender. Citizens will have the opportunity to exchange them at commercial banks until February 26, 2027.

Production of the 1 hryvnia note ceased in 2015, the 2 hryvnia in 2014, and the 5 and 10 hryvnia notes in 2018. According to the NBU, the deadline for exchanging these old notes at all commercial bank branches is February 26, 2027. However, the National Bank of Ukraine itself will continue to exchange them indefinitely.

Valid Banknotes and Their Features

As of March 2026, all 1, 2, 5, and 10 hryvnia banknotes will become invalid. It is worth noting that even older designs of the hryvnia were already withdrawn from use back in October 2020. The currently valid denominations are 20, 50, 100, 200, 500, and 1,000 hryvnia.

The affected low-denomination notes are commonly recognized by their colors:

• the blue-and-yellow one-hryvnia note,
• the brown two-hryvnia note,
• the blue five-hryvnia note, and
• the red ten-hryvnia note.

This move is part of a gradual modernization of Ukraine's cash circulation, aimed at improving security features and user convenience for the national currency. Such currency updates are a standard practice globally to combat counterfeiting and improve efficiency.

Phasing out old banknotes is a crucial step in modernizing Ukraine's monetary system, as it helps prevent counterfeiting and simplifies cash processing.

Citizens have been given a substantial timeframe to exchange their old notes, ensuring a smooth transition to the newer denominations and designs. These changes to the monetary system occur within the broader context of the country's economic development, which can influence public confidence in the national currency.