After this date the money will need to be taken to the territorial administration of the national Bank.
Ukrainian banks are obliged to accept from dealers and service points of small coins of small denominations (1, 2 and 5 cents) only till 18 Oct 2019. This is stated in the telegram NBU №50-0006/49388 at the disposal of UBR.ua.
After that date, the change of the business has been allowed to collect. The population has the right to appeal to the financiers for much longer: for document control, banks are obliged to take from individuals these coins until 30 September 2020.
In the document, the NBU stressed that the deadline of 18 October for all businesses.
“To provide up to October 18, 2019 mandatory reception from customers – legal entities irrespective of organizational-legal forms and forms of ownership, separate subdivisions of legal entities, physical persons engaged in entrepreneurial activities, the remnants of the coins with denominations of 1, 2 and 5 cents to be credited to the account,” – said in the telegram when transferring responsibilities of banks.
Business has already reacted to the conditions of the Central Bank. First and foremost, those traders that have accumulated particularly large amounts of detail.
“The banks have reported increase in delivery of small denominations. Boom no, but there is little activation. The tariffs for coin counting and cash collection do not change, financial institutions still charge for this service from 0.05% to 0.2% of the amount,” he assured UBR.ua financial analyst Vasyl nevmerzhytskiy.
Big problems after 18 October, the experts do not foresee.
“Trading companies will not be able to take bags of 1,2 and 5 cents in their banks. But will remain a national Bank. We can take the change in territorial management. Instead of coins – Bank notes, and Deposit them into their accounts in banks”, – assured nevmerzhitskiy.
In September, 2019 national Bank has decided that from October coins of 1,2 and 5 cents will lose the status of the payment instrument. And 25 cents will begin to be withdrawn from the cash turnover of Ukraine. The authorities want to save money on the minting of trivia, little-used for payments of goods and services, as the decline in the purchasing power of the hryvnia.