On August 1, the National Bank of Ukraine will start replacing 500 hryvnia banknotes issued in 2003-2007. The old banknotes will be used for payments. This was reported on Monday by the NBU, UNN writes.
Starting from August 1, 2024, the NBU will begin to withdraw from circulation hryvnia 500 banknotes issued in 2003-2007 to gradually replace them with banknotes issued in 2014 and subsequent years.
Therefore, the old-style 500 hryvnia banknotes will gradually become less in circulation, "they will be replaced by more modern and more secure 500 hryvnia banknotes," the National Bank said.
However, the old-style banknotes will remain valid as legal tender. Citizens will be able to continue to pay with them without any restrictions, they do not need to be exchanged
The main purpose of this decision is reportedly to improve the quality of cash in circulation, given the deterioration of the old-style 500 hryvnia banknotes, which have been in circulation for almost 18 years, including more than eight years of simultaneous circulation with the current generation banknotes.
How will the gradual replacement take place?
The NBU, together with the banks, will gradually withdraw these banknotes from cash circulation:
- Ukrainian banks will not issue such banknotes from their cash desks for all types of cash transactions;
- The NBU will stop backing up banks' cash desks with such banknotes.
"Once in the banks, the old-style 500 hryvnia banknotes will no longer be returned to circulation, but will be withdrawn from circulation and transferred to the NBU for further recounting and disposal. At the same time, the replacement of the old 500 hryvnia banknotes with modern ones with enhanced security will not affect cash payments of citizens, they do not need to take additional measures for exchange," the National Bank noted.
Готівки в обігу з початку року побільшало на 36,5 млрд гривень - НБУ 17.07.24, 18:29