Ukraine to Phase Out 1, 2, 5, and 10 Hryvnia Banknotes Starting March 2, 2026.

Withdrawal of Banknotes in Ukraine

According to Novyny.live: Beginning March 2, 2026, Ukraine will start withdrawing 1, 2, 5, and 10 hryvnia banknotes issued between 2003 and 2007 from circulation. These notes will cease to be legal tender and will be replaced by coins of the same denominations. This move is part of a broader, long-term modernization of the country's currency system. Citizens should be mindful of these changes when conducting cash transactions.

The affected banknotes will no longer be accepted for payments in stores or at financial institutions after the withdrawal date. However, Ukrainians will be able to exchange the old notes for new ones free of charge at any bank in the country until February 26, 2027.

Exchanging Old Banknotes

Authorized financial institutions, including Oschadbank, PrivatBank, Raiffeisen Bank, and PUMB, will accept the old 1, 2, 5, and 10 hryvnia notes for exchange until February 28, 2029. The National Bank of Ukraine (NBU) will also provide an option for indefinite exchange. It's worth noting that by 2026, these low-denomination banknotes are already rarely seen in everyday retail transactions.

This process follows earlier phases of currency reform. Notes with designs predating 2003 lost their status as legal tender in February 2026. The withdrawal of 1 and 2 hryvnia notes began on October 1, 2020, followed by 5, 10, 20, and 100 hryvnia notes on January 1, 2023. Further withdrawals are scheduled: 20 and 200 hryvnia notes on November 1, 2024, and 500 hryvnia notes on August 1, 2024.

As part of these changes, the NBU also plans to issue a 10 hryvnia silver coin of .999 fineness in April 2026. These steps aim to modernize Ukraine's monetary system and streamline cash payments.

The withdrawal of old banknotes and the introduction of new coins constitute a significant reform of Ukraine's monetary system, designed to increase the efficiency and convenience of financial transactions for citizens.

Given that 1, 2, 5, and 10 hryvnia banknotes have largely fallen out of daily use, replacing them with coins is expected to reduce currency production costs and increase durability. Ukrainians are advised to prepare for these changes and account for them in their financial planning.