In 2025, due to physical wear and tear and the withdrawal of old-design banknotes from circulation, the National Bank of Ukraine removed over 455.8 million worn banknotes from cash circulation. The banknotes most frequently withdrawn from circulation were those of 200 and 500 hryvnias denominations, due to the gradual removal of old-design banknotes from cash circulation. This was reported by the National Bank of Ukraine in response to an inquiry, writes UNN.
How many banknotes were in cash circulation
As reported by the NBU, as of August 1, 2025, over 2.57 billion banknotes totaling over 858.62 billion hryvnias were in cash circulation in Ukraine.
At the same time, as noted by the NBU, as of January 1, 2025, there were 2.60 billion banknotes totaling over 814.3 billion hryvnias in cash circulation in Ukraine.
The increase in banknotes in circulation during January-July 2025 was within seasonal fluctuations and did not show significant deviation compared to previous years. At the same time, in the last months of 2025 (April-July), cash in circulation grew at a faster pace, which is likely related to the deepening uncertainty regarding the timing of the war's end, the intensity of air attacks, decreased demand for foreign currency, etc.
Main reasons for withdrawing money from circulation
The NBU emphasized that in recent years, the National Bank has annually withdrawn an average of about 600-700 million hryvnia banknotes of all denominations due to their physical wear and tear.
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Statistics of old banknotes withdrawn in 2025
In general, the circulation period for low and medium denomination banknotes is 1-2 years, while for large denominations it is 8 years or more. Therefore, the National Bank regularly withdraws damaged, old, or soiled banknotes from circulation and replaces them with new currency to maintain the proper quality of cash in circulation and the uninterrupted flow of cash payments.
Specifically, due to physical wear and tear and the withdrawal of old-design banknotes from circulation in 2025 (as of August 1), over 455.8 million worn banknotes were removed from cash circulation, including:
- low denominations, replaced by analogous coins (1, 2, 5, 10 hryvnias) – 17.4 million pieces;
- 20 hryvnias denomination – 37.9 million pieces;
- 50 hryvnias denomination – 33.9 million pieces;
- 100 hryvnias denomination – 59.3 million pieces;
- 200 hryvnias denomination – 149.4 million pieces;
- 500 hryvnias denomination – 137.7 million pieces;
- 1,000 hryvnias denomination – 20.2 million pieces.
Over the eight months of 2025, banknotes of 200 and 500 hryvnias denominations were most frequently withdrawn from circulation due to the gradual removal of old-design banknotes (2003–2007 designs) from cash circulation.