Ukraine's central bank to print first five million banknotes of 1,000-hryvnia denomination from Oct 25

The National Bank of Ukraine (NBU) plans to print first five million banknotes of the new 1,000-hryvnia denomination at the first stage, which is scheduled for October 25.

"Regarding the preliminary issue [of the new banknotes], we plan to print about 5 million banknotes," Director of the NBU's Cash Circulation Department Viktor Zaivenko said at a briefing. "Then, it depends on orders from banks and the needs of the economy."

Read alsoUkraine's National Bank showcases brand new UAH 1,000 banknote

As UNIAN reported earlier, the brand new 1,000-hryvnia banknote will be put into circulation on October 25. The front of the banknote features a portrait of Volodymyr Vernadskyi, a Ukrainian philosopher, naturalist and the founder of new scientific disciplines (geochemistry, biochemistry and radiogeology). He was also one of the founders and the first president of the Ukrainian Academy of Science established in 1918.

Currently in circulation are banknotes of the following denominations: 1, 2, 5, 10, 20, 50, 100, 200, and 500 hryvnias, as well as coins in denominations of 1, 2, 5, 10, 25, 50 kopiykas, as well as newly introduced 1- and 2-hryvnia coins.

A new denomination of the Ukrainian hryvnia was last introduced 13 years ago, in 2006. It was a 500-hryvnia banknote.