From November 1, the NBU will start withdrawing old banknotes from circulation

From November 1, the NBU will start withdrawing old banknotes from circulation

Starting from November 1, 2024, the National Bank will begin the gradual replacement of banknotes with denominations of 50 and 200 hryvnias from the 2003 – 2007 series (i.e., the old series) with banknotes of similar denominations from the modern generation (series 2014 and subsequent years of issue).

This is reported by the NBU.

Citizens do not need to make any special exchanges. 

They can continue to use the old banknotes without restrictions, as they will remain valid means of payment.

How will the gradual replacement occur?

Starting from November 1, 2024, the National Bank, together with banks, will gradually withdraw these banknotes from circulation in Ukraine, specifically:

• Banks will not issue such banknotes from their cash registers during any cash transactions;
• The National Bank will cease issuing these banknotes to banks, cash-in-transit companies, and cash handling companies.

Once in the banks, the 50 and 200 hryvnia banknotes of the old series will no longer be returned to circulation; instead, they will be withdrawn and sent to the National Bank for further counting and disposal.

Meanwhile, the replacement of 50 and 200 hryvnia banknotes of the old series with modern ones, featuring an enhanced security system, will not affect cash transactions of citizens; there is no need for them to take additional measures for exchange.

Why replace the previous generation banknotes?

The National Bank, in order to improve the quality of cash in circulation, is working comprehensively on optimizing cash circulation and is consistently replacing all previous years’ banknotes in circulation with more modern and secure ones.

Thus, the replacement of 50 and 200 hryvnia banknotes of the old series will complete this process. As a result, the hryvnia’s banknote and coin series will only contain modern generation money signs. This will enhance the quality and reliability of the national cash currency in circulation.

This process is gradual and does not create inconveniences for cash transactions, while benefiting the state, banks, retail networks, and citizens.

Let us recall that the gradual withdrawal from circulation and replacement of banknotes with denominations of:

• 1 and 2 hryvnias from the 2003–2007 series – starting from October 1, 2020;
• 5, 10, 20, and 100 hryvnias from the 2003–2007 series – starting from January 1, 2023;
• 500 hryvnias – starting from August 1, 2024.