• When will the new 1, 2, 5 and 10 hryvnia coins be issued into circulation?
  The coins will be issued in stages: the 1 and 2 hryvnia coins were issued on 27 April 2018; the 5 hryvnia coins issued on 20 December 2019; and the 10 hryvnia coins will be issued on the 3 June of 2020.
• Will paper 1, 2, 5 and 10 hryvnia banknotes be withdrawn from circulation?
  No. These banknotes will not be withdrawn from circulation. However, the central bank will stop printing these banknotes and issuing them into circulation.
• When will paper 1, 2, 5 and 10 hryvnia banknotes cease to be legal tender?
  The new coins will circulate along old paper banknotes of the same denominations. Old banknotes will be in circulation until they wear out.
  There is no need to exchange banknotes for coins, as the banknotes will continue to be legal tender. Worn-out and damaged banknotes will be gradually replaced with coins.
• Why did the NBU decide to issue new coins?
  The decision was driven by the development of cashless settlements, the decrease in the purchasing power of the hryvnia that has taken place over the last 20 years, as well as changes in consumer behavior. On average, countries have 12 denominations in circulation.
  Once 1, 2, 5 and 25 kopiikas are withdrawn from circulation and 1, 2, 5 and 10 hryvnia coins are issued into circulation, Ukraine will have:
  - two denominations of low-value coins ? 10 and 50 kopiikas
  - four denominations of circulating coins ? 1, 2, 5 and 10 hryvnias
  - six denominations of banknotes ? 20, 50, 100, 200, 500, 1,000 hryvnias (1, 2, 5, 10 banknotes will be gradually replaced with coins).
• Why replace banknotes with coins?
  Taking into account the lifespan of coins, the replacement will save the country about UAH 1 billion.
  Low-denomination banknotes wear out quickly and become unfit for use. Coins have a significantly longer lifespan than banknotes. While coins can circulate for 20 to 25 years, low-denomination banknotes wear out within one to two years.
  The gradual replacement of banknotes with coins should spare consumers any inconveniences. Overall, every year, the NBU withdraws about 800 million worn-out banknotes from circulation, of which over 40% are low-denomination banknotes (from 1 to 10 hryvnias).
• How widespread is the practice of replacing banknotes with coins?
  Hungary, the Czech Republic, Japan, Canada, the UK, Australia, Denmark and other countries have successfully replaced their banknotes with coins. The European Union has 1 and 2 euro coins.
• What is the cost of coin production?
  Information about the costs of coin (and banknote) production is confidential. It is worth noting, however, that taking into account the lifespan of coins, coin manufacture is more cost effective. Replacing banknotes with coins will save the country about UAH 1 billion.
• How many new 10 hryvnia coins will be issued into circulation?
  The NBU will initially issue 5 million units of 10 hryvnia. Also now there are new circulation coins of 1 hryvnia - over 195 million units, 2 hryvnia - almost 190 million, 5 hryvnia - over 7 million. Gradually the number of coins in circulation will increase depending on the needs of the economy.
• Do the new coins have security features?
  Yes. The coins' visual and tactile security features include the special design of their obverse and reverse, the type of edge used, as well as small obverse and reverse elements that are difficult to reproduce using crude methods.
  When processed manually, the color, weight and size of the coins can, to some extent, serve as additional security features.
  Automatic processing with the use of special equipment relies on coin specifications, such as size and weight, as well as their spectral signature, an electronic signal typical of a specific material.
• Has the NBU identified counterfeit coins?
  No counterfeit coins have been identified so far.
• Was the decision to introduce new coins influenced by the counterfeiting of banknotes of the same denominations?
  No. The percentage of counterfeit 1, 2, 5, 10 and 20 hryvnia banknotes that were withdrawn from circulation traditionally was no more than about 1% of total identified counterfeit hryvnias banknotes.

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• When do the rounding rules come into effect?
  They come into force on 1 July 2018.
• How exactly will check totals be rounded?
  The rounding will follow a mathematical principle.
  If a check total ends in 1, 2, 3, or 4 kopiikas, it will be rounded down the nearest zero.
  If a check total ends in 5, 6, 7, 8, or 9 kopiikas, it will be rounded up to the nearest zero.
• Will the NBU stop producing small change?
  Yes. The central bank will stop manufacturing 1, 2 and 5 kopiika coins, as these coins have lost their purchasing power. It will also no longer produce 25 kopiika coins because, in the absence of 1, 2 and 5 kopiikas, it will be impossible to break 25 kopiikas using only 10 kopiika coins.
• Will Ukrainians still be able to use small change to pay for goods and services?
  Yes. 1, 2, 5 and 25 kopiikas will remain legal tender indefinitely.
• How long can people exchange or surrender their old coins?
  1, 2, 5 and 25 kopiikas will remain legal tender indefinitely. There is no need to exchange them, as they will continued to be used for payment.
• Where can one exchange small change for larger denomination coins or banknotes?
  All coins can be exchanged for banknotes or other (larger denomination) coins at bank branches.
• Will rounding apply to the price of each item in the check?
  Only check totals will be rounded.
• Will check totals still be rounded when consumers can pay the exact amount?
  If a buyer or a seller have the required coins they will be able to use them to make a payment or to give change.
• Will check totals be rounded for cashless payments?
  No. No rounding will be done when one pays with a card.
• Will financial institutions be required to accept kopiikas?
  Kopiikas remain legal tender in Ukraine. All financial institutions are required to accept kopiikas as a means of payment and to credit them to accounts.
• Will companies be able to use kopiikas to give change?
  Yes. If a company has the required coins, it can use them to give change.
• Will companies be required to comply with the rounding rules?
  If a buyer and a seller have no coins of the respective denomination companies will have to round check totals for any cash payments, as set forth by the rounding rules.
• Will a company have to round a total when a customer asks for a refund?
  If a refund is made in cash and the required coins are not available, companies will round the total in accordance with the rounding rules.
• Will companies be required to show check totals before and after rounding? Will companies have to reprogram their cash registers?
  Companies will have to show check totals before and after rounding has been applied, including the rounding rules they applied. Reprogramming of cash registers will cause little additional cost.

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• When exactly will the NBU withdraw 1, 2, 5 and 25 kopiika coins from circulation?
  The NBU commenced the withdrawal of 1, 2 and 5 kopiika coins from cash circulation on 1 October 2019, and that of 25 kopiika coins from 1 October 2020. These coins cannot be used for payments, since they are no longer legal tender.
• How will 25 kopiika coins be withdrawn from circulation?
  From 1 October 2020, all business entities have to cease accepting 25 kopiika coins in all types of cash transactions.
  In turn, the NBU stopped supplying the banks with these coins on 1 October 2020. Accordingly, the banks will not issue such coins from their cash desks to business entities. The NBU will accept these coins denominations from Ukrainian banks for crediting to their correspondent accounts.
• What should a person in possession of these coins do?
  The public will be able to exchange these coins without limitations and free of charge for coins and banknotes that are in circulation:
  1, 2 and 5 kopiika coins can be exchanged over the next two years:
  - at the NBU and the authorized banks (Oschadbank, PrivatBank, Raiffeisen Bank Aval) until 30 September 2022.
  25 kopiika coins over the next three years:
  at all Ukrainian banks until 30 September 2021, inclusive;
  - and at the NBU and the authorized banks (Oschadbank, PrivatBank, Raiffeisen Bank Aval) until 30 September 2023.
  The addresses of the NBU regional offices are listed on the NBU?s official website.
• How long can people exchange or hand in their old coins?
  1, 2 and 5 kopiika coins must be exchanged over the next two years until the end of September 2022; 25 kopiika coins over the next three years until the end of September 2023.
  Gold-colored 1 hryvnia coins will remain in circulation indefinitely. There is no need to exchange them, as they will continue to be valid for payments.
  
• What will the NBU do with withdrawn coins?
  The NBU will dispose of the withdrawn coins by defacing the coins using special equipment and melting them down.
• Why is the NBU withdrawing 1, 2, 5 and 25 kopiika coins from circulation?
  The NBU?s decision to withdraw 1, 2, 5, and 25 kopiika coins from circulation is the next step towards optimizing cash circulation in Ukraine.
  This decision is based on the following reasons:
  - people have practically stopped using 1, 2 and 5 kopiika coins while making settlements for goods and services. Furthermore, the role of cashless settlements has increased considerably, and consumer behavior has also changed
  - 25 kopiika coins could not be exchanged for smaller denominations due to the withdrawal of 1, 2 and 5 kopiika coins from circulation in 2019. The withdrawal of 25 kopiika coins from circulation has resolved the problem
  - the production costs of such coins exceed their face value. What is more, small denomination coins rarely return from circulation to the banking system
  - the state and other participants in cash circulation incur regular expenses on the processing, transporting and storage of these coins
  - the hryvnia series currently has too many denominations ? a total of 17 (8 coin denominations and 9 banknote denominations). International practice shows that the average number of currency denominations is 12. In future, the denomination series of the hryvnia should align with global practice.
• Why did the NBU decide to withdraw 1, 2 and 5 kopiika coins from circulation?
  The main benefits of withdrawing 1, 2, 5 and 25 kopiika coins from circulation are more convenient payments and lower costs:
  - this decision will benefit the state, by allowing it to save over UAH 90 million per year through the regulator?s reduced costs on producing and processing of the lowest coin denominations
  - retailers, caterers, transportation companies and banks will save money on transporting, storing and processing these coins
  - cash settlements will become easier and more convenient.
• How many 1, 2, 5 and 25 kopiika coins are currently in circulation?
  The total number of 1, 2, 5 and 25 kopiika coins in circulation is about 7.3 billion units. They account for almost 55% of the total number of coins in circulation.
  Over the past year, almost 75 million low-denomination 1 to 5 and 25 kopiika coins have been returned to the NBU and the authorized banks.
  At the same time, most of these were 25 kopiika coins ? about 64% of all of the low-denomination coins that were returned.
  Out of the entire quantity of circulating coins, the share of 1 kopiika coins is 19%, 2 kopiika coins 11%, 5 kopiika coins 14%, with that of 25 kopiika coins being 12.5% (10 kopiika coins account for the largest share of 29%).
• Is the NBU currently minting 1, 2, 5 and 25 kopiika coins?
  The NBU ceased minting 1, 2, 5 and 25 kopiika coins in 2018 after the introduction of rounding rules. At present, the NBU is minting only 10 and 50 kopiika coins and 1 and 2 hryvnia coins.
• Is there a similar international practice of withdrawing coins?
  Yes, withdrawing low-denomination coins from circulation is common in other countries, including in: New Zealand (in 1990 and 2006), Norway (in 1972, 1982, 1992, and 2011), Israel (in 1991 and 2008), Australia (in 1990), the Czech Republic (in 2003 and 2008), Hungary (in 2008), and others.
• Will Ukrainians still be able to use coins to pay for goods and services?
  Yes. 10 and 50 kopiika coins remain in circulation. In addition, gold-colored 1 hryvnia coins and silver-colored 1, 2, 5 and 10 hryvnia coins remain in circulation.
• How does one pay for goods and services if the price is divisible by 1, 2 and 5 kopiikas?
  In order to make cash payment easier, receipt totals are rounded to the nearest 10 kopiikas, in accordance with the rounding rules.
  In the case of cashless settlement, the rounding rules do not apply and the exact amount charged is paid.
• What should one do if a store or a bank refuses to accept coins?
  The following denominations remain in circulation:
  low-value 10 and 50 kopiika coins
  circulation old-design 1 hryvnia coins and 1, 2, 5 and 10 hryvnia coins designed in 2018
  1, 2, 5, 10, 20, 50, 100, 200, 500 and 1000 hryvnia banknotes designed from 2003 to 2019.
  All business entities and banks are required to accept them as a means of payment or for crediting accounts. If a bank refuses to exchange coins, people can complain to the NBU.

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