Ukraine starts printing new 1,000-hryvnia banknotes

The National Bank of Ukraine has started printing banknotes of the new 1,000-hryvnia denomination, which will be put into circulation from October 25.

Initially, the NBU plans to put into circulation about five million 1,000-hryvnia banknotes, the regulator's press service said.

The NBU says that the introduction of the new banknote will make settlements for citizens and businesses more convenient, simultaneously reducing banks' operating expenses and banknote handling costs.

In addition, this step will considerably save the NBU's spending on printing, storage, processing and transportation of banknotes.

It is also reported that over 25 years of its existence, the NBU Banknote and Mint has produced nearly 25 billion hryvnia-denominated banknotes and 11 billion coins.

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 10, 25, 50 kopiykas, as well as newly introduced 1- and 2-hryvnia coins. Coins in denominations of 1, 2, 5 kopiykas are no longer in circulation from October 1, 2019.

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