KYIV, Oct 12 – From January 1, 2023, the National Bank of Ukraine (NBU) will begin withdrawing from circulation paper banknotes in denominations of 5, 10, 20 and 100 hryvnias of the 2003-2007 samples for gradual replacement with updated banknotes: circulating coins of 5 and 10 hryvnias of the 2018 sample and banknotes in denominations of 20 and 100 hryvnias of the new generation, the press service of the bank said on Monday.

The decision was made by NBU Board in Resolution No. 213 dated October 4, 2022 and published on the website of the Central Bank.

According to the report, the main goal of such a decision is to improve the quality of cash in circulation (due to the wear and tear of the previous generation banknotes), improve cash payments and their convenience for the population. In addition, a large number of different designs of banknotes of the same denomination in circulation can lead to confusion, the NBU said.