Ukraine’s Central Bank Pulls Old Banknotes: These Bills Will Be Rejected Starting March 2026.

Phasing Out Outdated Currency from Circulation

According to TSN.ua: As of March 2026, only certain third- and fourth-generation banknotes remain valid for use in Ukraine. The National Bank of Ukraine has taken older notes out of circulation, meaning that first- and second-generation bills issued before 2003 are no longer accepted for payments. This change affects both individuals and businesses, who can no longer use these outdated notes for financial transactions.

All old-style denominations—1, 2, 5, 10, 20, 50, 100, and 200 hryvnias—issued between 1992 and the early 2000s have been completely removed from circulation. Looking ahead, the central bank plans to phase out additional banknotes that are still in use. The following notes are scheduled for withdrawal:

• 20 hryvnias (2003 series)
• 50 hryvnias (2004 series)
• 100 hryvnias (2005 series)
• 200 hryvnias (2007 series)
• 500 hryvnias (2006 series)

Ongoing Push to Modernize the Currency System

The 500-hryvnia note from the older series has been in circulation for nearly 18 years, highlighting the National Bank of Ukraine’s sustained effort to refresh the country’s currency. This policy aims to strengthen financial stability and security by replacing worn or outdated banknotes. Removing old currency is a key step toward modernizing Ukraine’s payment infrastructure.

The withdrawal of these notes will require consumers and businesses to adjust to evolving cashless payment practices. It also underscores the central bank’s commitment to improving the quality of money in circulation and ensuring the nation’s financial stability. Updating the banknote series is expected to play a vital role in the continued development of Ukraine’s economic framework.