National Bank put into circulation coins in denominations of 10 hryvnias: how new money looks

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In Ukraine, a new coin in denomination of 10 hryvnia

Photo: “Union”

New coins with a face value of 10 coins will appear in Ukraine in circulation from today. How Inform Regulators, you can already pay independently with coins in a trading network or operate in banks. They will gradually turn into circulation banknotes of the same denomination.

Due to its increased overall dimensions (diameter, thickness, and edge), the new coin varies considerably from coins to denominations of 1, 2 and 5 hryvnias. In particular, it has an edge (coin edge) with a special large corridor, which will make it easy to distinguish it from coins of other denominations. On the reverse of the coin with a face value of 10 hryvnias is a portrait of the Ukrainian hetman Ivan Mazepa. On the obverse in the center, the coin has a face value, created by an old Russian ornament. A coin is made of zinc alloy with nickel plating.

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In the first phase, National Bank plans to introduce more than 5 million 10-hryvnia coins, which will be distributed among the divisions of National Bank in the regions. Therefore, from June 3, banks will be able to get the updated banknotes at National Bank and issue them to their customers.

As a National Bank Note, citizens are not required to exchange banknotes with a face value of 10 hryvnias, especially for everyday coins of this denomination. They will be able to pay unlimited periods together with new banknotes and banknotes of this denomination. Naturally – as a result of natural wear and tear – the 10-hryvnia banknote will be replaced by coins in circulation. As of April 1, 2020, according to the NBU, 179.3 million banknotes with a face value of 10 hryvnia were in circulation.

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According to the National Bank of Ukraine’s annual report, from 2015 to 2019, the share of cash relative to gross domestic product (GDP) declined from 17.8% to 9.7% by early 2020. The decrease in cash share in the NBU is explained by two factors: the increasing popularity of cashless transactions and the increase in the number of cashless payments in Ukraine. Most commonly, Ukrainians use card payments in retail chains, with this method of calculation accounting for 51.2% of the population.

Read: NBU talks about consumer rights violations: what to do if the bank provides services


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