The National Bank will not withdraw coins after the renaming of the kopeck to the step: what will happen to the money.

According to ТСН: The National Bank of Ukraine does not plan to withdraw coins after their renaming, and in the coming years, kopecks will completely go out of circulation.

This information was announced by MP Yaroslav Zheleznyak during an interview on the "Novyny.live" broadcast. There will also remain 10 kopecks in circulation, but starting from October 1, the National Bank of Ukraine has begun their gradual withdrawal. Coins with a nominal value of 1, 2, 5, and 25 kopecks have already completely gone out of circulation.

Forecast for 50 kopecks

Zheleznyak noted that according to the forecasts of the National Bank, the minting of 50 kopecks may also stop in 2-3 years. "So if we have anything to be issued, theoretically, it's 50 steps, but it will be a very short process, and this will not be a withdrawal and melting, but just a new denomination. Currently, there are 14 billion kopecks in circulation in the country, no one will withdraw them and replace them with coins with the word 'step'," he explained.

Renaming the coin

The Verkhovna Rada has already supported in the first reading the bill No. 14093, which provides for the renaming of the change coin from 'kopeck' to 'step'. The word 'step' comes from the old Ukrainian 'syah' — which means step, or from the word 'sheliah'. This name is popular in the works of Shevchenko, Lesya Ukrainka, Kotlyarevsky, and other classics.

Interestingly, in 1918, the Central Rada already issued change money with a nominal value of 10-50 steps, which were in circulation until 1919.

Thus, Ukraine will have to adapt to changes in the monetary system, which may affect the everyday life of citizens. The renaming of coins and the gradual withdrawal of kopecks are steps that may reflect the new economic realities of the country. Observing this transformation, it is worth paying attention to the implementation of this process and the possible introduction of new denominations in the coming years.