Ukraine to Withdraw Low-Denomination Hryvnia Banknotes

Starting March 2, 2026, the National Bank of Ukraine (NBU) will begin withdrawing banknotes in denominations of 1, 2, 5, and 10 hryvnias issued between 2003 and 2007 from circulation. These banknotes will be replaced by corresponding circulating coins, and will no longer be considered legal tender.

What This Means for Ukrainians

From March 2, 2026, the specified banknotes will not be accepted for cash payments. Retail chains, service providers, banks, and financial institutions will no longer accept them for transactions. The NBU notes that these banknotes are rarely used in retail trade and have an average lifespan of approximately 2.5 years, meaning most remaining notes are worn out.

Exchange Options

Ukrainians can exchange the soon-to-be-withdrawn banknotes for coins and other denominations without charge at the following locations:

• All branches of Ukrainian banks – until February 26, 2027.
• Oschadbank, PrivatBank, Raiffeisen Bank, and FUIB – until February 28, 2029.
• The National Bank – indefinitely.

Gradual Withdrawal Process

The gradual withdrawal of these banknotes began earlier. Banknotes in denominations of 1 and 2 hryvnias were first withdrawn on October 1, 2020, while 5 and 10 hryvnia notes began to be withdrawn on January 1, 2023. The corresponding coins have been in circulation since 2018-2020 and have a longer lifespan of 20-25 years.

Why the Change?

The NBU states that the transition to coins benefits the state, banks, and retail chains by reducing costs associated with processing, transportation, storage, and circulation of banknotes, and by improving the overall quality of cash in circulation.

Hryvnia Exchange Rate Update

As of March 2, 2026, the NBU exchange rates indicate the hryvnia has strengthened. The official dollar exchange rate is set at 43…. The euro has also fallen in value, with the NBU setting its rate at 50.87 UAH per euro, a strengthening of 15 kopecks compared to the previous day.