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From October 1, you can’t pay with small coins what to do with them

  • From October 1 you cant pay with small coins what to do with them

Kiev: From October 1, coins in denominations of 1, 2 and 5 kopecks will not be accepted when calculating cash for goods and services. The National Bank withdraws them from circulation.

Over the next three years, these coins can be exchanged without restrictions and for free for coins of a larger denomination or in other currencies:

By September 30, 2020 inclusively - in all branches of Ukrainian banks;

By September 30, 2022 inclusively - at the National Bank and authorized banks (Oschadbank, Privatbank, Raiffeisenbank Aval).

In addition, soon the National Bank will gradually withdraw from circulation and coins in denominations of 25 kopecks: they can be calculated, however, those coins that fall into banks will not be returned back into circulation.

After withdrawal from circulation, the coins are remelted to make coins of other denominations.

It is expected that such changes will reduce government spending on cash circulation and facilitate cash payments.

Earlier it was reported that the rejection of coins in denominations of 1, 2 and 5 kopecks will save the state budget about UAH 90 million ($ 3.6 million) per year.

On September 25, the National Bank of Ukraine extended to banks the right to round off cash transactions, such as currency exchange or cash withdrawals. Now banks will round off the amounts in such operations to an amount multiple of 10 kopecks.

So, for example, if, in accordance with a cash transaction, the bank must give the client 10.14 hryvnias, then this amount will be rounded up to 10.1 hryvnias (the bank will account for 4 kopecks as its operating income). If the bank has to pay the client UAH 10.16, then this amount will be rounded up to UAH 10.2 (the remaining 4 kopecks will become operating expenses for the bank).


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