The National Bank of Ukraine has unveiled new circulating coins which are to replace respective low value banknotes that are currently in circulation.
The new coins consist of denominations UAH 1, 2, 5 and 10, the latter valued at around US $0.40.
The National Bank will issue the coins in stages, with the UAH 1 and 2 coins entering circulation on 27 April 2018 followed by the UAH 5 and 10 coins during 2019-2020.
The National Bank advises that it will stop printing the banknotes and as such, the existing circulating banknotes will gradually be withdrawn through cash processing activities as they become unfit (e.g. worn, soiled etc.). As such there is no set time period for the banknotes to be withdrawn.
All the coins are silver in colour and are “small” in size to make them easily distinguishable from the other coins currently in circulation. The coins’ designs include visual and sensory elements to assist with their authentication, as well as various milling patterns at each of the coins’ edges.
The Central Bank says that the change from banknotes to coins is to optimise cash circulation in Ukraine, improving the convenience of cash for its citizens as well as making significant cost savings for the Central Bank. It believes the change will save over UAH 1 billion (US $38.4 million) during the lifecycle of the coins, with an average coin lasting 20 years compared to on average 1 year for the aforementioned banknotes.
Read the National Bank of Ukraine press release.
Images courtesy of the National Bank of Ukraine.