Hryvnia

With no limitations, banks are obliged to accept from individuals and legal entities the worn banknotes with no signs of being counterfeited that have the signs of being worn or damaged, such as worn ink, stains, stamps, tears, cuts, holes, and missing pieces or corners.

Cashiers of banking institutions must accept, with no limitations, a banknote with the signs of being significantly worn and no signs of being counterfeited, if:

• some 55% of the banknote’s initial surface area remained undamaged, and

• the banknote is torn (cut) in two pieces that both have the same number and series, given the total area of the pieces is not less than 55% of the banknote’s initial surface area.

Banks are obliged to withdraw the damaged banknotes that were put together of two or more pieces, accept them for examination on the initiative of presenting citizens as the banknotes of doubtful authenticity and/or fitness, and send them for examination to the corresponding NBU regional units. Based on the results of the examination, which the NBU carries out free of charge, the correspondent value of the domestic banknotes and coins that were found authentic and fit is reimbursed to customers.

If the examination finds that the banknotes are counterfeits or have been damaged during the state of emergency, they will be withdrawn from circulation with no reimbursement and duly forwarded to law-enforcement authorities to conduct the investigation.

In order to exchange the banknotes in the domestic currency (hryvnia) that are worn, damaged, or of doubtful authenticity and/or fitness for the banknotes that are fit for circulation, please contact any Ukrainian bank (any branch or office).

Such exchange is performed free of charge and without any limitations.

When do the rounding rules come into effect?
The rules come into force on 1 July 2018.

How exactly will check totals be rounded?
The rounding will follow a mathematical principle. If a check total ends in 1, 2, 3, or 4 kopiikas, it will be rounded down to the nearest zero. If a check total ends in 5, 6, 7, 8, or 9 kopiikas, it will be rounded up to the nearest zero.

Will the NBU stop producing small change?
Yes. The central bank will stop manufacturing 1, 2, and 5 kopiika coins, as these coins have lost their purchasing power. It will also no longer produce 25 kopiika coins because, in the absence of 1, 2 and 5 kopiikas, it will be impossible to break 25 kopiikas using only 10 kopiika coins.

Will Ukrainians still be able to use small change to pay for goods and services?
Yes. 1, 2, 5, and 25 kopiikas will remain legal tender indefinitely.

How long can people exchange or surrender their old coins?
1, 2, 5, and 25 kopiikas will remain legal tender indefinitely. There is no need to exchange them, as they will continue to be used for payment.

Where can one exchange small change for larger denomination coins or banknotes?
All coins can be exchange for banknotes or other (larger denomination) coins at bank branches.

Will rounding apply to the price of every item in a check?
Only check totals will be rounded.

Will check totals still be rounded when consumers can pay the exact amount?
If a buyer or a seller have the required coins, they will be able to use them to make a payment or to give change.

Will check totals be rounded for cashless payments?
No. Rounding will not apply to cashless payments.

Will financial institutions be obliged to accept kopiikas?
Kopiikas remain legal tender in Ukraine. All financial institutions are obliged to accept kopiikas as a means of payment and to credit them to accounts.

Will companies be able to use kopiikas to give change?
Yes. If a company has the required coins, it can use them to give change.

 Will companies be required to comply with the rounding rules?
If the buyer and the seller have no coins of required value, companies will have to round check totals for any cash payments, as set forth by the rounding rules.

Will a company have to round a total when a customer asks for a refund?
If a refund is made in cash and the required coins are not available, companies will round the total in accordance with the rounding rules.

Will companies be required to show check totals before and after rounding? Will companies have to reprogram their cash registers?
Companies will have to show check totals before and after rounding has been applied, in particular, when they use markups/discounts. Reprogramming cash registers will not lead to significant additional costs for companies.

Yes. According to Section II paragraph 8 of the Rules¹, banks and other legal entities have no right to accept the banknotes that were damaged by fire, water, various liquids and chemicals, etc. with the surface area that may decrease during the acceptance and processing to under 55% of the initial surface area. If the damage of two or more banknotes led to them gluing (sintering) together, a person presenting these banknotes is not advised to violate the integrity of a group of glued banknotes.

The banknotes that have been contaminated with chemicals, radioactive substances, or any toxic organic substances influence or may influence under certain circumstances the person’s health.

The NBU regional units exchange the authentic banknotes that have been contaminated with chemicals, radioactive substances, or any toxic organic substances, only if there is a document on disinfection and/or decontamination granted by an institution (person) that is responsible for carrying out these operations under the legislation of Ukraine. Individuals and legal entities are obliged to contact directly the correspondent NBU regional units to exchange such banknotes. The authorized NBU units take the decision to exchange a banknote in the presence of the banknote’s presenter or accept them for examination upon the presenter’s application, the form of which is given in Annex 2 to the Rules¹.

The NBU regional units exchange the authentic banknotes that have been contaminated with chemicals, radioactive substances, or any toxic organic substances, only if there is a document on disinfection and/or decontamination granted by an institution (person) that is responsible for carrying out these operations under the legislation of Ukraine. Individuals and legal entities are obliged to contact directly the correspondent NBU regional units to exchange such banknotes. The authorized NBU units take the decision to exchange a banknote in the presence of the banknote’s presenter or accept them for examination upon the presenter’s application, the form of which is given in Annex 2 to the Rules¹.