Ukraine To Introduce New 1,000 Hryvnya Banknote

KYIV, Ukraine -- The National Bank of Ukraine will introduce a new 1,000-hryvnya banknote featuring the portrait of a prominent 20th century Ukrainian scientist, Volodymyr Vernadskiy.

The new 1,000-hryvnya note would be worth about $39.

The bank said in its statement on its website on June 25 that the new note, which will be put into circulation on October 25, was made necessary by "economic factors, namely the size and dynamics of average wages, the amount of cash in circulation, the share of cashless payments, and the level of inflation."

The new banknote will be the largest denomination of paper money in the country.

At current exchange rates, the 1,000-hryvnya note would be worth about $39.

Currently, the largest Ukrainian paper money is a 500-hryvnya banknote that was introduced in September 2006.

Source: Radio Free Europe