Ukraine to Phase Out Small-Denomination Paper Hryvnia Notes Starting March 2, 2026.

Withdrawal of Old Banknotes in Ukraine

According to TSN.ua: Beginning March 2, 2026, Ukraine will start phasing out older paper banknotes in denominations of 1, 2, 5, and 10 hryvnias from circulation. This move is part of a broader effort to modernize the country's monetary system and improve convenience for everyday transactions. Citizens will have designated periods to exchange these old notes for new coins and banknotes, ensuring a smooth transition.

Which Banknotes Are Being Withdrawn?

The initial phase targets the paper 1, 2, 5, and 10 hryvnia notes, which are considered outdated. Additionally, older 500 hryvnia banknotes will also be removed from circulation. These smaller notes have an average lifespan of just 2.5 years, highlighting their frequent use and rapid wear and tear in daily commerce.

Where and Until When Can Notes Be Exchanged?

Exchanges for the old notes into current coins and banknotes of all denominations will be available without limits at all Ukrainian bank branches until February 26, 2027. Furthermore, select authorized banks, including:

• Oschadbank
• PrivatBank
• Raiffeisen Bank
• PUMB

will continue offering exchange services until February 28, 2029. For ultimate convenience, the National Bank of Ukraine will provide an indefinite, no-deadline exchange service. This gradual phase-out is common practice for currency updates, giving the public ample time to adjust.

This decision reflects Ukraine's commitment to modernizing its financial infrastructure and aligning with contemporary standards.

Modernizing the currency in circulation is expected to enhance economic stability and make daily financial operations easier for the public. The extended exchange windows are designed to allow citizens to adapt seamlessly to the changes, thereby minimizing potential financial disruption for individuals and businesses alike.