The small denominations banknotes of 1 and 2 hryvnias will be withdrawn from circulation in 2-3 years due to the termination of their release and the gradual withdrawal of worn copies from circulation.
This was announced by the Director of the National Bank’s Department of Money Circulation Viktor Zaivenko, UNIAN reports.
The National Bank stopped to issue small banknotes in 2018 and is gradually withdrawing worn-out bills, but nearly half of the issued banknotes remain in circulation so far.
“These banknotes are still in circulation, but with time they are going to disappear naturally will come. We expect this to happen within 2-3 year period,” the National Bank representative said.
According to Zaivenko, “these banknotes need to be replaced with coins of corresponding denominations, which are being gradually issued by the regulator.”
As The Journalist reported, National Bank of Ukraine imposed UAH 6.85 million fine on Industrialbank.
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