Ukraine to Release New 1,000-hryvnia Banknotes

2019-06-27 Thu

On 25th June, the National Bank of Ukraine announced that it’s going to release a new 1,000-hryvnia banknote on 25th October to improve cash flow and payments. It will be the largest denomination banknote in circulation after the release. The obverse side will feature the great philosopher and natural scientist Vladimir Vernadsky (1863–1945). He was known for his work in the fields of geochemistry, biochemistry, and radiogeology. The reverse side will depict the Presidium of the National Academy of Sciences of Ukraine. The blue-coloured note has a dimension of 160 X 75 millimetres. The new national symbol for the Hryvnia currency will be featured on the notes.

A vertically aligned “windowed” purple holographic security strip is included with images of the denomination and the national emblem of Ukraine - trident. The direction of motion of the background image seems to change when the note is tilted. A watermark features the same portrait of Vladimir Vernadsky which can be seen when the note is held against a light source. Three vertical lines with tactile features are present so that visually impaired persons can identify the denomination. An optically variable SPARK element symbolises that biochemistry has a kinematic effect. It changes its colour from gold to jade upon tilting the note.

1, 2 and 5 cents coins will be removed from circulation on 1st October 2019. 25-kopeck coins will also be slowly withdrawn from circulation. Circulation of new 1, 2, 5 and 10-hryvnia coins will increase while banknotes of the same denomination will be withdrawn gradually. The number of monetary instruments will come down from 17 to 12. 10 kopecks will be the smallest denomination for coins while 20-hryvnia will be the smallest denomination for banknotes. The new banknote belongs to the new family of banknotes that was introduced in 2007. 200-hryvnia banknotes were the first ones from this family. 50 and 200-hryvnia were introduced in 2004 and 2007, respectively and the national bank is planning to introduce new versions of these denominations as well. Plans for introducing the next generation of hryvnia banknotes are also on.

Image Courtesy: The National Bank of Ukraine