Facelift continues for the hryvnia

Before the end of the year, the NBU will renew the design of all low-value banknotes

On June 14, the National Bank of Ukraine will introduce into circulation a brand new Hr 5.00 banknote. According to NBU Govenor Serhiy Tihipko, it will be circulating together at first with older 5-hryvnia banknotes. It is presupposed that the newly designed banknotes will fill the pockets of Ukrainians closer to the end of 2004. By that time, they will amount to 70-90% of all 5-hryvnia banknotes in circulation.

As for the future, the NBU has plans to come up with new outer appearances for the remainder of the Ukrainian legal tender. In August 2004, the NBU is planning to introduce new banknotes for 2-hryvnia notes and at the end of the year it will issue brand new one-hryvnia and 10-hryvnia notes. Only the outer looks of 100- and 200- hryvnia notes will not be altered this year. According to Tihipko, the NBU has large reserves of these particular banknotes, so their external appearance will not change until 2006.

At the same time, the NBU intends to increase the quantity of newly designed Hr 50 and Hr 20 banknotes in circulation. So far, their use has slowed down a bit. As of April I, over 50 million newly designed Hr 20 banknotes have been in circulation. Totalling over Hr I bIn, which is 22% of the total amount of banknotes of this value in circulation. The amount of new 50 Hr notes, which were just recently introduced into circulation, is so far only 6 million units.

The idea of refreshing the outer appearance of the Ukrainian hryvnia the NBU explains as natural servicing of money circulation in the country. «Every banknote by definition cannot be in circulation for over five years. The current hryvnias were issued back in 1996. The banknotes simply wear out and need to be replaced. After the NBU opened its own mint we don't have to order the printing of money in Malta as it was earlier done,» emphasized the NBU governor.

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