The National Bank withdraws another coin from circulation

News

The National Bank withdraws another coin from circulation

04.09.2020 News

National Bank removes from circulation 25 of coin. From October 1, a coin of this denomination ceases to be a means of payment. This was stated at a briefing by Deputy Head of the NBU Oleksiy Shaban, according to the website.

According to him, from October by these coins will not be able to pay for goods or services. But the money can be taken to banks and exchanged for other banknotes and coins for another three years.

“We continue to bring order to the cash circulation and bring it to world standards,” said Oleksiy Shaban. – The main purpose of our solutions is to simplify cash payments and increase their convenience for users. We also care about the economic feasibility and quality of cash in circulation. ”

As the result, the banknote and coin series of the hryvnia will be reduced from 17 denominations to 12. In total, it will remain six denominations of coins and six denominations of banknotes.

This is consistent with international practice. The banknote and coin series will be orderly and convenient, “said the Deputy Governor of the National Bank.

Shaban added that from October 1, the NBU will also withdraw from circulation banknotes of old denominations issued until 2003. Such banknotes less than 2% of the currently outstanding.

The National Bank will more actively withdraw from circulation paper banknotes of 1 and 2 hryvnias and coins of 1 hryvnia of the 1996 model, replacing them with the corresponding circulation coins of the 2018 model.

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