In Ukraine decided to ban some of the money

В Украине решили запретить часть денег

In Ukraine this year will be a new bill, with some coins take longer. The corresponding decision was accepted by the NBU.

How and when to change money in Ukraine – in the material OBOZREVATEL.

After gradual withdrawal of the banknotes and coins the introduction of new money, the Ukrainians will be able to pay the “cents” denomination of 10 and 50 kopecks, Besides, there will be iron 1,2,5 and 10 UAH. The “small” bill, which will survive the reform – 20 UAH. In addition, it will introduce into circulation a banknote of 1000 UAH.

Only the regulator will reduce the nominal range from 17 to 12 items. “It is the number of 11-13 denominations is the most used approach for the leading countries in different parts of the world – USA, Canada, UK, Czech Republic, Denmark, Switzerland, Australia,” – said at a press briefing the head of the NBU Yakov Smoliy.

However, the occasion is urgent to get rid of small coins and bills there. First, paper money in denominations of 1,2,5 and 10 UAH will remain tender, but the new bills will not be printed. This means that the smaller the hryvnia will continue to accept, but over time they wear down and will themselves disappear from circulation.

Interestingly, banknotes 1,2 and 5 UAH on the average serve only about a year, according to the national Bank. For comparison: 500 UAH, which are used less frequently and which are careful, you can “live” up to 8 years. Gradually “papers” are worn, the national Bank takes them out of circulation and print new. The print, which is a complex process with multiple levels of protection, sometimes spend more than “necessary” bill.

The total number of all paper money in Ukraine after the innovation will decrease by 40%, and coins – by 47%. The fact that now most banknotes – small denomination. So, at the beginning of 2019 nearly 40% of all “papers” from 1 to 10 UAH.

From 1 October in Ukraine will no longer accept coins of 1, 2 and 5 kopecks, They can be exchanged in any Bank until September 20, 2020 or the NBU, Oschadbank, PrivatBank and “Aval” – until September 30, 2022-th.

“In addition, will begin a gradual withdrawal from circulation coins denomination of 25 cents. Unlike 1, 2 and 5, 25 cents will stay in cash circulation. They can pay off,” – said the NBU. On the other hand, from October 25 to appears bill is 1000 UAH. It was presented in the NBU on 25 June.

The last time the national Bank introduced into circulation a new denomination 13 years ago – in 2006. It was the banknote of 500 UAH. Then the average monthly wage was about 1000 UAH and exchanged two notes of high denomination.

“Given the growth of incomes and prices, the Ukrainians did not actually use coins of small denominations, but there was a need for a bill of higher denomination than 500 hryvnia. In particular, coins of 1, 2 and 5 cents rarely used in payments for goods and services and almost not returned from circulation in the banking system,” – said the NBU.

By the way, in the EU there are in circulation in denominations of 500 euros, while the average wage in many countries does not reach 1500 euros. That is one salary can be issued three bills. In Ukraine, on average, earn about 11, 5 thousand UAH. And if you use the maximum banknote denomination, need 23 bills. The introduction of new high-denomination bills has nothing to do with the impending devaluation.

Even after a penny you cannot pay, the stores will still be able, for example, instead of 100 UAH to write on the price tag “of 99.99 UAH”. And if this penny is to specify a small font that buyers will perceive the price as “90-something” and not “100 UAH.” But to pay will still have 100.

Since last year in Ukraine there are new rounding rules change. They apply only in the case if you pay in cash. If the amount ends in cents from 1 to 4 cents, then the total purchase price is rounded downward to the nearest amount that ends in 0 cents. For example, if the sum of UAH 25 24 kopecks, and the seller and the buyer do not have cash, you can pay 25 UAH 20 kopeks. If the check is 25 UAH 25 kopecks, you will have to pay 5 kopecks more.