The National Bank reminded of the rules for exchanging old and worn-out dollars
The issue of exchanging the so-called "old" dollars has reappeared on the radar.
In the summer of 2023, the NBU took a comprehensive approach to solving this problem:
- The NBU clarified the regulatory framework, in particular, by abolishing the list of signs of minor wear and tear on foreign currency banknotes;
- an information campaign was conducted for citizens to explain their rights when conducting currency exchange transactions;
- all necessary explanations were provided to banks and non-bank financial institutions;
- relevant inspections were conducted. In particular, in 2024, 150 inspections of exchange offices of 17 non-bank financial institutions took place, resulting in fines totaling UAH 5.65 million imposed by the NBU.
As a result, the number of complaints filed by citizens against banks and non-bank currency exchange institutions has decreased at least fivefold.
Currently, the NBU receives on average no more than 10 complaints per month related to refusals or restrictions on the exchange of foreign currency banknotes after a year of their issue.
This suggests that legal exchange offices licensed by the NBU to conduct currency exchange operations are not abusing the system.
At the same time, the problem that has reappeared in the media may lie in the shadow sector, where institutions that are not licensed by the NBU operate. The only way to combat such illegal exchangers is to involve law enforcement.
We urge citizens to report to the NBU all violations in the currency exchange sector, including the name and address of the institution.
The regulator's principled position remains unchanged:
- In case of violations, we will take adequate measures against supervised financial institutions, including the imposition of significant fines;
- in case of detection of illegal exchange points, we will exchange information with law enforcement agencies to stop such illegal activities.
At the same time, we would like to remind you of five rules that you should know if you want to exchange foreign currency banknotes.
1. All foreign currency banknotes whose authenticity is confirmed using counters and detectors must be accepted for exchange without exception.
2. Banks and non-bank institutions are prohibited from refusing to exchange foreign currency that fully complies with the design and security features of foreign central banks and whose authenticity has been confirmed using appropriate equipment.
3. Banks and non-bank institutions, when exchanging currencies, are prohibited from setting restrictions on the denomination and year of issue of foreign currency banknotes that are legal tender in the territory of the relevant foreign state.
4. Banknotes that show signs of significant wear should be subject to collection operations. Banks and non-bank institutions that carry out such operations must place a clear list of signs of significant wear and tear of banknotes and collection rates in the cash desk in a place accessible to customers.
5. In case of refusal to accept for exchange currency that fully complies with the design and security features of foreign central banks and whose authenticity has been confirmed using appropriate equipment, consumers may file a complaint with the NBU.
