Photo from UNIAN
The number of hryvnia denominations will be reduced to the optimal 12.
The National Bank of Ukraine (NBU) says it will put into circulation new 10-hryvnia coins on June 3, which will gradually replace the relevant banknotes.
"This is part of a comprehensive solution for optimizing and updating the hryvnia banknote series that has been ongoing since 2014. The aim is to provide reliable banknotes protected from forgery, the convenience of cash payments, and cost savings for the state. Introduction of new circulating coins of 10-hryvnia denomination will complete this process," the regulator's press service said on its website on April 29.
The number of hryvnia denominations will be reduced to optimal 12 due to complex changes, the report said.
"In total, there will be six denominations of coins (10 and 50 kopiykas, as well as 1, 2, 5 and 10 hryvnias) and six denominations of banknotes (20, 50, 100, 200, 500 and 1,000 hryvnias). Not only is this ratio convenient for settlements and meeting the needs of the Ukrainian economy in cash, it also complies with the practices of leading central banks (in Canada, Great Britain, Australia, Denmark, Hungary, Czech Republic, Japan, etc.)," the regulator added.
In particular, the central bank on December 20 introduced brand new five-hryvnia coins and redesigned 50-hryvnia banknotes.
The NBU also put into circulation the 200-hryvnia banknotes on February 25, 2020.