The National Bank of Ukraine announced on June 25 it’s releasing Ukraine’s most valuable banknote — worth Hr 1,000 — while getting rid of the silver kopiyka coins.
The NBU plans to put the Hr 1,000 banknote into circulation in four months, on Oct. 25. The obverse side of the banknote will depict scientist Volodymyr Vernadsky, who founded Ukraine’s Academy of Sciences in 1918. Vernadsky has been chosen for “his outstanding contribution to Ukraine’s history as a philosopher and natural scientist,” NBU head Yakiv Smoly said at a press conference on June 25.
On the reverse side of the note, the NBU will print Ukraine’s Academy of Sciences building.
The Hr 1,000 note will be predominantly of blue color with the size of 75×160 millimeters, which is slightly larger than all the rest of the Ukrainian hryvnia bills.
At the same time, the NBU announced it would put out of circulation one-, two-, and five-kopiyka silver coins. Starting in October 2019, they won’t be accepted as payment in Ukraine anymore. People can exchange them, however, in the National Bank or Oschadbank, PrivatBank and Raiffeisen Bank Aval until October 2022.
The NBU also wants to rid of 25-kopiyka coins, but gradually. Smoly said from now on the Ukrainian banks will keep 25-kopiyka coins if they receive them from clients and this will eventually reduce the number of such coins in the circulation. The plan is to have six nominals of coins and six nominals of banknotes.
“Cashless payments are getting more popular in Ukraine, but cash remains the most important means of payment,” Smoly said. “Therefore, it is important for us that the hryvnia is high-quality, secure and reliable, and making payments with it is comfortable and convenient.”
