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29.9 30.45
Economy 2019-04-15T04:50:46+03:00
Ukrainian news
NBU To Begin Replacement Of 1-, 2-Hryvnia Banknotes With Coins From April 27

NBU To Begin Replacement Of 1-, 2-Hryvnia Banknotes With Coins From April 27

The National Bank of Ukraine will begin circulation of 1- and 2-hryvnia coins for replacement of 1- and 2-hryvnia banknotes from April 27, 5- and 10-hryvnia coins will replace banknotes starting in 2019.

NBU acting governor Yakiv Smolii announced this at a press conference, Ukrainian News Agency reports.

He says the move will economize the state some UAH 1 billion as the life of coins is longer than the life of banknotes.

"Also, we are prompted to this decision by the development of cashless settlements and change of the buying capacity of the hryvnia over the past 20 years and changes in the behavior of consumers... The share of cashless settlements in Ukraine with the use of banking cards more than tripled in the past five years to 39% (12% in 2013)," he said.

As Ukrainian News Agency earlier reported, the National Bank of Ukraine has decided to stop production of 1-, 2-, 5, 25-kopeck coins.

Within the policy of optimization of cash circulation Ukraine will apply the rules of rounding of sums from July 1, 2018.

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