• 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, while the 5 and 10 hryvnia coins will be issued in 2019 ? 2020 (the NBU will announce the issue date later).
• Will paper 1, 2, 5 and 10 hryvnia banknotes be withdrawn from circulation?
  No. These banknotes will not be withdrawn from circulation.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  Once 1, 2, 5 and 25 kopiikas are withdrawn from circulation and 1, 2, 5 and 10 hryvnia coins are issued into circulation, Ukraine will have: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;
  ? nine denominations of banknotes ? 1, 2, 5 and 10 hryvnias (which will be gradually replaced with coins), and 20, 50, 100, 200, 500 hryvnia banknotes.
• 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 a year.
  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 coins of each denomination will be issued into circulation?
  The NBU will first issue 1 and 2 hryvnia coins, about 5 million units of each denomination. The number of circulating coins will gradually increase, depending on the economy?s needs.
• How many 1 and 2 hryvnia banknotes are currently in circulation?
  As of 1 April 2018, in circulation were 547 million 1 hryvnia banknotes and 242 million 2 hryvnia banknotes. In addition, 484 million old 1 hryvnia coins are currently circulating in Ukraine.
• 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 in 2017 was no more than about 2% 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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