The head of the National Bank of Ukraine, Andriy Pyshnyy, announced plans for the next minting of coins that may enter circulation. According to him, there are currently nearly 15 billion coins of various denominations in Ukraine, and the next batch could be in hryvnias rather than kopecks.
This is reported by Finway
Pyshnyy assured that there would be no additional costs for the regulator or the Ukrainian budget. It is estimated that out of the 15 billion coins, about 5.5 billion are coins with denominations of 10 and 50 kopecks. As the head of the NBU noted, the bank mints new coins each year to replace worn-out ones.
“This year, at least 20 million coins are already planned to be minted. We want this next minting to involve coins denominated not in kopecks, but in hryvnias,” said Pyshnyy.
In connection with these changes, there will be a period during which both kopecks and the new coins, referred to as “hryvnias,” will be in circulation simultaneously. They will be used alongside kopecks.
“Kopecks will not be forcibly withdrawn. Instead, in place of the coin that will be taken out of circulation, a sufficient volume of coins of the corresponding denomination will be minted, but with a name that is truly Ukrainian – hryvnia,” explained the head of the NBU.