NBU proposes to discuss simplification of exchange of damaged hryvnia banknotes

The National Bank of Ukraine is proposing for public discussion amendments to the Rules for Determining Payment Features and Exchange of Banknotes, Currency Notes, and Circulation Coins of the National Currency of Ukraine (the "Rules").

This is due to the need to bring certain requirements of the Rules in line with the provisions of the Law of Ukraine "On the National Bank of Ukraine", which came into force on January 1, 2024.

In particular, in this regard, it is planned to

• clarify the definitions of certain terms and introduce new ones;
• to simplify the procedure for the NBU to exchange banknotes that have lost their payment features as a result of a fire, disaster, other accident or natural disaster, as well as household damage;
• to clarify the requirements for dealing with banknotes damaged during the state of emergency - the NBU should exchange banknotes recognized as damaged during the state of emergency based on the results of the research conducted, on the basis of a court decision or ruling;
• improve the rules for the NBU to conduct training activities on determining the authenticity and solvency of national currency banknotes for employees of banks, non-bank financial institutions, the national postal operator, collection companies, cash handling companies, and other legal entities.

Such rules are contained in the draft resolution of the Board of the National Bank of Ukraine "On Approval of Amendments to the Rules for Determining Payment Features and Exchange of Banknotes, Change and Circulation Coins of the National Currency of Ukraine" (hereinafter - the draft resolution).

The materials for discussion can be found at the following links:

• Draft Resolution "On Approval of Amendments to the Rules for Determining Payment Features and Exchange of Banknotes, Currency and Circulation Coins of the National Currency of Ukraine"
• impact analysis of the draft resolution;
• comparative table to the draft resolution.

Comments and suggestions to the draft resolution are accepted in accordance with the form for submitting comments and suggestions until March 29, 2024 inclusive.