Ukraine’s lowest-denomination coins to be withdrawn from circulation on Oct 1

Ukraine’s lowest-denomination coins to be withdrawn from circulation on Oct 1

Ukrinform
On Monday, Ukrainians have the last opportunity to pay in coins of 1, 2 and 5 kopiyka denominations.

As the National Bank of Ukraine posted on Facebook, the coins of 1, 2 and 5 kopiyka denominations will cease to be means of payment in Ukraine starting from October 1, 2019. Thus, the last day when the lowest-denomination coins can be used for paying in retail outlets is Monday, September 30.

From October 1, these coins will not be accepted when paying for goods and services, and the NBU will begin to withdraw the coins of 1, 2 and 5 kopiyka denominations from cash circulation.

At the same time, the citizens will be able to exchange these coins for coins and banknotes of other denominations without restrictions and free of charge over the next three years in banks and the National Bank of Ukraine.

NBU Deputy Governor Serhiy Kholod said at a briefing that the coins of 1, 2 and 5 kopiyka denominations had almost ceased to play a significant role in the population payments’ for goods and services as the role of cashless payments grew significantly and consumer behavior changed. In addition, the decision to withdraw the lowest-denomination coins from circulation is also linked with saving the country's money.

"The production of coins exceeds their face value. The state will be able to save about UAH 90 million a year on production of these coins," Kholod said.

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