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Thursday, 24 September 2020 10:22

25 kopeck coins and old hryvnia banknotes cease to be a means of payment

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The National Bank of Ukraine presented future changes in the hryvnia banknote and coinage: coins with a denomination of 25 kopecks and all old banknotes introduced into circulation before 2003 will cease to be legal tender in Ukraine - from October 01, 2020.

That is, from October 1, 2020, all shops, restaurants, the service sector must stop accepting them, and the remains of such coins and banknotes must be returned to the cash desks of Ukrainian banks by October 16 for crediting to accounts.

Coins with a denomination of 25 kopecks are now not exchanged due to the withdrawal from circulation of coins with denominations of 1, 2 and 5 kopecks, which happened last year. Thanks to their withdrawal from circulation, this problem will be solved.

It will not affect customer service, since in the absence of coins with a face value of 25 kopecks in cash, the rules for rounding the total (in a check) amounts of cash settlements for goods, works or services to amounts divisible by 10 kopecks (according to the rules determined by the resolution of the Board of the National Bank of Ukraine dated March 15, 2018 No. 25 "On optimization of circulation of coins of small denominations").

And old-style banknotes, introduced into circulation before 2003, almost no longer fulfill their function of a means of payment. Now about 1.8% of the total number of banknotes in circulation remain in circulation. Over the past three years, their volume in circulation has remained almost unchanged. That is, they almost do not pay, these banknotes are not collected and are not received by banks.

Source: Office of the Internet Representative Office of the National Bank of Ukraine

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