Economy 2022-07-15T07:54:09+03:00
Ukrainian news
NBU To Stop Minting 1, 2, 5, 25 Coins

NBU To Stop Minting 1, 2, 5, 25 Coins

National Bank, NBU, coins, minting

The National Bank of Ukraine considers phasing out coins of 1-, 2-, 5- and 25-kopeck denominations.

Press service of the NBU has said this in a statement, Ukrainian News Agency reports.

In particular, the Regulator said that small coins (1-5 kopecks) no longer bear any significance in payments for goods and services by the population, at the same time noting that their production cost exceeds their denominated value.

According to the NBU, there are currently 12.9 billion coins in circulation, including 2.4 billion of 1-kopeck coins, 1.4 billion of 2-kopeck coins, 1.9 billion of 5-kopeck coins, 3.8 billion of 10-kopeck coins, 1.7 billion of 25-kopeck coins, 1.2 billion of 50-kopeck coins and 0.5 billion of 1-hryvnia coins.

The NBU prepared a bill On the Optimization of Circulation of Small Coins that envisages phasing out 1-, 2- and 5-kopeck coins (given they have lost significance in the cash settlements) and 25-kopeck coins (because after the 1-, 2- and 5-kopeck coins are taken out from circulation, the 25-kopeck coins will not be useable).

As Ukrainian News Agency earlier reported, in October, the NBU forbade banks carrying out transactions with notes and coins of the Russian Federation with printed or minted images of objects in the occupied territories.

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