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Economy 2019-07-21T04:03:20+03:00
Ukrainian news
NBU Decides To Introduce 1,000-hryvnia Banknote From October 25, Withdraw 1-, 2- And 5-Kopeck Coins From Octob

NBU Decides To Introduce 1,000-hryvnia Banknote From October 25, Withdraw 1-, 2- And 5-Kopeck Coins From October

The National Bank of Ukraine has decided to introduce 1,000-hryvnia banknote from October 25 and withdraw 1-, 2- and 5-kopeck coins from the market from October.

Head of the National Bank of Ukraine, Yakiv Smolii, has said this at a press-conference, Ukrainian News Agency reports.

According to him, coins of 1, 2 and 5 kopecks will no longer be means of payment in Ukraine and will be withdrawn from circulation from October 1, 2019.

Also, 25-kopeck coins will be gradually withdrawn.

From October 25, 2019, the National Bank will issue a banknote of a new high nominal value of UAH 1,000.

As a result, after completion of the process of withdrawing small coins and introducing new banknote into circulation, the value row of hryvnia will be reduced from 17 to 12 nominals.

According to him, it is precisely the row of 11-13 money values the most widely spread throughout leading countries in different parts of the world: from the United States, Canada, Great Britain to the Czech Republic, Denmark, Switzerland and Australia.

Key reasons and benefits: user-friendliness; too considerable variety of banknotes and coins leads to confusion in wallets and takes too much time when making payments.

Taking into account the growth in the level of income and prices, Ukrainians no longer actually use coins of small values, but there is a need for a banknote of higher denomination than UAH 500.

In particular, coins of 1, 2 and 5 kopecks are rarely used in payments for goods and services and almost never return from circulation in the banking system.

As Ukrainian News Agency earlier reported, in 2018, the National Bank of Ukraine disposed of 663 million of banknotes for USD 47.420 billion.

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